One Asia Resources claims to have resolved a legal dispute and that it is now preparing to begin mining from two gold projects in Sulawesi with annual production capacity of 300,000 ounces. The company plans to annually produce 150,000 ounces from each of the projects in the next two or three years.
A One Asia Resources spokesman told local media that the company has solved a dispute with its joint venture partner KUD Dharma Tani Marisa, a local cooperative that owned a mining business permit in Gunung Pani, Northern Sulawesi.
The first project in Awakmas, South Sulawesi, will be carried out by One Asia's subsidiary PT Masmindo Dwi Area. The company says it has a total resource of 2.6 million ounces. A feasibility study is being carried out and One Asia is also awaiting permits for facility construction.
The second project is at Gunung Pani, Gorontalo, which has resources totalling 2.4 million ounces to date. This project is carried out by a joint venture subsidiary with KUD Dharma Tani Marisa. A feasibility study is being carried out and the company is also awaiting operational permits. KUD will control 51% of the subsidiary’s shares, while One Asia will own 49%.
Meantime, One Asia has entered into arrangements with Provident Capital Partners Pte Ltd to acquire 20% of One Asia upon successful restructuring of the Pani IUP arrangements.
One Asia's managing director Adrian Rolke says, “Provident is a proven and successful investment group in Indonesia and their involvement is a significant vote of confidence in the Pani gold project. We are extremely pleased in establishing a partnership with Provident and they bring to One Asia a team with extensive Indonesian experience and networks which will be invaluable to One Asia as the company grows.”
Lion Selection Group and Asian Lion own a combined equity interest of 36% of One Asia Resources, an Australian unlisted public company.