Red tape still binds Bre-X, despite ties to Suharto's son

Article Abstract:

Bre-X Minerals Ltd. of Canada continues to encounter numerous obstacles in securing permit from the Indonesian government despite ties with Pres. Suharto's eldest son. The government wants to impose a project structure that reduces Bre-X's role in the Busang gold venture in Kalimantan. Bre-X has received guidelines on a joint venture in which it has a 25% stake and Barrick Gold Corp. has a 75% stake. Under the guidelines, the joint venture negotiations should be completed by Dec. 4, 1996.

Laws, regulations and rules, Mining industry, Barrick Gold Corp.

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Hasan may have his sights on another gold mine; analysts expect a Hasan company to buy a stake in Freeport Indonesia from Bakrie

Article Abstract:

Indonesian businessman Mohamad Hasan may buy a 4.6% stake in PT Freeport Indonesia to delve into the highly productive gold mining business in Irian Jaya. Such a deal with PT Bakrie & Brothers, the holding company that owns PT Freeport, would likely be valued at hundreds of millions of dollars. The 65-year old tycoon's company, PT Nusantara Ampera Bakti, may make the purchase, but PT Bakrie & Brothers officials declined to comment on the heavy speculation.

Mergers, acquisitions and divestments, Investments, Securities, Hasan, Mohamad, PT Freeport Indonesia Co., PT Bakrie & Brothers

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Canada's Bre-X teams up with Indonesia's Panutan

Article Abstract:

Canada-based Bre-X Minerals Ltd. has formed a strategic alliance with Indonesia's Panutan Group. Bre-X, which intends to develop a large gold mine in Indonesia, will give Panutan $40 million for 40 months of operations as well as 10% carried interest in two of the three zones that comprise its find. Panutan is controlled by Pres. Suharto's eldest son Sigit Harjojudanto.

Panutan Group

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