Avocet Mining Indonesian partner files lawsuit

4th Apr 2011 10:26

An Indonesian company claiming that Avocet Mining agreed to sell it its southeast Asian assets has filed a lawsuit against the gold miner for proposing to sell the assets to another company.PT Lebong Tandai, Avocet's partner in the country, said that Avocet acted unlawfully by entering into a transaction to sell its assets in southeast Asia for $200m to J&Partners, a private equity company backed by Indonesian businessmen, while still in negotiations with PT Lebong Tandai. Avocet said today that it is confident the actions it took over the transaction were in accordance with rules and regulations. In an announcement last month, Avocet said there had been no agreement to sell the assets to PT Lebong Tandai.Avocet is selling its assets in Indonesia and Malaysia to concentrate its activities on Burkina Faso, becoming a West African-focused miner.RG