Sumatra signs exploration deal at Tembang

September 18, 2017

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ASX-listed Sumatra Copper & Gold has formed a strategic alliance with Indonesian gold producer Merdeka Copper Gold to extend the mine life and possibly increase production from the Tembang gold-silver operation, in Indonesia.

Merdeka will fund ongoing exploration work at Tembang, spending an initial $1.5-million over the next six months. In turn, Sumatra will issue chess depository interests (CDIs) to Merdeka at a price representing the five-trading day volume-weighted average price of Sumatra shares prior to a formal agreement on exploration programme.

Category: General