Intrepid Mines has offered 27.6 million ordinary shares, or about 5% of the company’s issued capital, to a prominent Indonesian business identity in a bid to increase its profile and business interests within the Asian nation.
Surya Paloh is a well-known political and business personality in Indonesia, as the founder and owner of the country’s first news television network Metro TV. He also owns the Media Group which is highly regarded for informing Indonesian public opinion through its publications Media Indonesia and Lampung Post. He has significant interests in the hotel and property sectors as well as oil and gas operations, while also owning the country’s largest catering company which services major oil rigs and mining operations across the country.
Intrepid’s chief executive officer Brad Gordon says, “We are delighted to be associated with Mr Paloh, whose extensive networks and vast experience in navigating the waters of Indonesian business will greatly benefit the company both in safeguarding its existing interests in Indonesia and in expanding within the local resources sector.
“This association extends our assimilation into Indonesia and follows the appointment of Adrianto Machribie to the board of Intrepid in November 2011 and the recent opening of a representative office in Jakarta.”
Surya Paloh’s Media Group is at the forefront of socially responsible and community-oriented business practices, having led major disaster response and fundraising initiatives following the 2004 Aceh tsunami and subsequent natural disasters in Indonesia.
Intrepid says Surya Paloh and his associates will be working closely with the company to assist with engaging key Indonesian stakeholders, particularly in both central and local government.
Intrepid’s flagship Indonesian project is the Tujuh Bukit copper-gold site in Java, where operations have currently been suspended by its joint venture partner.