Avocet Mining rejects press sale speculation

10th Jun 2010 08:00

Avocet Mining rebuffed press speculation that it has sold its South East Asian mines and that the company itself was on the verge of being sold.The mining firm said these reports are "incorrect and without foundation." Indonesian press speculated that Avocet has signed an agreement to sell its South East Asian mines of North Lanut and Penjom to PT Lebong Tandai for $250m. It was also suggested that PT Lebong Tandai was interested in buying Avocet outright and that Avocet's management was supporting such a plan."These reports are incorrect and without foundation. Discussions with potential interested parties in the South East Asian mines remain ongoing and at a preliminary stage and may or may not result in a sale of Avocet's South East Asian assets," said the group"The company confirms that no discussions have taken place with any parties in respect of the acquisition of Avocet," it added.