Indonesia’s state-owned mining company, Aneka Tambang, has decided to include the Gunung Pongkor gold mine in its initial public offering planned for later this year.
As a result of this decision, Aneka Tambang terminated a 1996 preliminary agreement that would have provided First Dynasty Mines (FDM-T) with rights to acquire the gold operation. First Dynasty says it remains interested in pursuing future opportunities in Indonesia with Aneka Tambang.
The company recently signed a preliminary joint-venture agreement to acquire interests in an advanced-stage gold project in Armenia. A final deal is expected shortly. The assets include a tailings project and two gold mines (T.N.M. March 31/97).
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