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Baru Gold Signs Letter of Intent with PT Arsari Tambang and Hashim Djojohadikusumo to be Appointed President Commissioner of PT TMS
(TheNewswire) November 18, 2024 – TheNewswire - Vancouver, BC - Baru Gol...
About this update from Baru Gold Corp
[{"type":"text","content":"Baru Gold Signs Letter of Intent with PT Arsari Tambang and Hashim Djojohadikusumo to be Appointed President Commissioner of PT TMS\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n November\n \n\n 18, 2024 –\n \n\n TheNewswire -\n \n\n Vancouver, BC - Baru Gold Corp\n \n\n (\n \n\n TSX.V:BARU | OTCQB: BARUF\n \n\n )\n \n\n (the “Company” or “Baru”) and its\nsubsidiary PT.\n \n\n Tambang Mas Sangihe (the\n“Company” or “PT TMS”) are thrilled to announce to\nshareholders that the Company has signed a non-binding Letter of\nIntent with PT Arsari Tambang to become a Strategic Equity Partner and\nInvestor.\n \n\n\n\n Background of PT Arsari\nTambang:\n \n\n\n\n PT Arsari Tambang is a wholly owned subsidiary of\nArsari Group. Arsari Group is an Indonesian conglomerate with\noperations in renewable energy, agribusiness, mining, trading and\nlogistics.\n \n\n\n\n PT Arsari Tambang is a leading fully integrated tin\nmining and processing company. Through its\n \n\n subsidiaries\n \n\n operating in Bangka\nBelitung, PT\n \n\n Arsari Tambang\n \n\n explores, exploits, mines, process, smelts, refines, sells\nand exports tin. PT Arsari Tambang’s tin smelter has a production\ncapacity of 1,200 tons/month and its branded tin ingots are listed on\nthe London Metals Exchange. Year to date export earnings from tin\nmetal are in excess of 4,700 tons (approximate sales value USD $148\nmillion).\n \n\n\n\n PT Arsari Tambang prides itself on responsible\nmanagement, strong community engagement and development.\n \n\n All aspects of their operations are certified in accordance\nwith the highest standards.\n \n\n\n\n Partnership and Investment\nAgreement:\n \n\n\n\n Subject to satisfactory due diligence, PT Arsari\nTambang will acquire a 10% equity stake in PT TMS from PT TMS’s\nexisting shareholder, a private Indonesian corporation. The private\ncorporation is and will remain an existing shareholder of PT TMS.\nBaru’s 70% share in PT TMS remains unchanged and this 10% stake is\nnon-dilutive to Baru shareholders.\n \n\n\n\n PT TMS will grant to PT Arsari Tambang a 5-year Option\nto subscribe for additional 15% equity stake in PT TMS. The Option is\nexercisable until the fifth anniversary date from the date the Company\nreceives approval for a Pr...