Avocet sells Asian mines for $200m

24th Dec 2010 07:12

Avocet Mining has signed a binding agreement for the conditional sale of its South East Asian assets to J&Partners, a private Cayman Islands company, for $200m cash. The assets to be sold include the Penjom mine in Malaysia; the North Lanut mine and Bakan project in North Sulawesi, Indonesia; and a number of exploration properties in Indonesia. J&Partners is a mining fund established by Jimmy Budiarto, a member of the Indonesian family that in November 2009 sold its interest in Indonesia's second largest mining contractor, BUMA.The principals in J&Partners are Mr Budiarto and Chris Hui, former head of investment banking for Barclays Capital in China and Hong Kong.Avocet says the sale follows a strategic review of its business in South East Asia. The disposal leaves it solely as a West African gold producer.A decision on what it does with the $200m cash raised will be taken following completion of the sale, which is expected to occur in the second quarter of 2011, Avocet added.