MINING REFINING

Baru Gold secures key investment from Indonesian conglomerate subsidiary to advance Sangihe gold project

Mon Nov 18 2024

Baru Gold Corp. (TSX-V:BARU) announced that is has signed a letter of intent with PT Arsari Tambang to form a strategic partnership. PT Arsari Tambang, a subsidiary of the Indonesian conglomerate Arsari Group, will acquire a 10% equity stake in Baru’s subsidiary PT Tambang Mas Sangihe (PT TMS).

Additionally, PT Arsari Tambang will have a five-year option to purchase a further 15% stake, potentially reducing Baru’s holding to 59.5%.

Hashim Djojohadikusumo, founder of Arsari Group, will join PT TMS’s board as President Commissioner.

The funds from this deal will be used to expand operations and support Baru Gold’s Sangihe gold project in Indonesia.

The project has more than one million ounces of gold resources, including 1,022,987 ounces inferred and 114,700 ounces indicated.

"I’m incredibly excited about our new partnership with PT Arsari Tambang and honoured to have Hashim as President Commissioner on the Board of PT TMS - all shareholders will benefit from the support of PT Arsari Tambang and Hashim’s expansive knowledge and experience,” Baru Gold CEO Terry Filbert commented.

“It’s a wonderful collaboration. I would personally like to thank the staff and legal teams of both Baru Gold and those of PT Arsari Tambang for their hard work bringing this transaction to a close.”

Source: https://www.proactiveinvestors.com/