http://www.thejakartaglobe.com/business/merukh-buys-avocets-gold-assets-in-indonesia-malaysia/379669
June 09, 2010 Muhamad Al Azhari & Reuters PT Merukh Enterprises said on Wednesday that it had signed an agreement to buy Britain-based gold miner Avocet Mining's Indonesia and Malaysian operations and that it was interested in buying the entire company. (Reuters/Beawiharta) Merukh Buys Avocet's Gold Assets In Indonesia, Malaysia PT Merukh Enterprises said on Wednesday that it had signed an agreement to buy Britain-based gold miner Avocet Mining's Indonesia and Malaysian operations and that it was interested in buying the entire company. Merukh subsidiary PT Lebong Tandai signed the agreement on Tuesday and will pay $250 million for the assets. Avocet owns the North Lanut gold mine in North Sulawesi, which has produced over 270,000 ounces since operations started there in 2004, and the Penjom mine, Malaysia's largest gold lode. It also has a pipeline of exploration projects in the two countries. Lebong Tandai president commissioner Rudy Merukh said the company was interested in buying Avocet Mining outright and that Avocet's management was backing the plan. "They support it and will fully help our plan so Merukh Enterprises can acquire Avocet Mining with the whole assets," he said. Avocet representatives were unavailable for comment. Apart from its Southeast Asian assets, Avocet runs a gold mine in Burkina Faso in West Africa. It also has exploration projects in that country and Guinea. Listed on London's lightly regulated AIM market, Avocet made a pre-tax profit of $7.9 million in the nine months to Dec. 31, 2009. It is widely held, with its largest shareholder, Elliott Associates, owning just 16.3 percent, meaning Lebong Tandai would need to propose a full takeover offer to all shareholders. Merukh Enterprises is owned by politician-turned-mining-magnate Yusuf Merukh. It also owns a 20 percent stake in PT Newmont Nusa Tenggara, which controls the massive Batu Hijau gold and copper mine in Sumbawa. Merukh also owns gold, copper and coal mines in Lembata, near Flores, Sumatra and Kalimantan. [Non-text portions of this message have been removed]
