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Vanguard Mining Corporation Signs Definitive Agreement to Acquire Gypsum and Limestone Mine in Indonesia
Vanguard Mining Corporation Signs Definitive Agreement to Acquire Gypsum and Limestone Mine in Indonesia.
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[{"type":"text","content":"\n \n \n Vanguard Mining Corporation Signs Definitive Agreement to Acquire Gypsum and Limestone Mine in Indonesia\n \n \nVanguard Mining Corporation Signs Definitive Agreement to Acquire Gypsum and Limestone Mine in Indonesia\n \n NEW YORK, NY and JAKARTA, INDONESIA--(Marketwired - Sep 10, 2014) - Vanguard Mining Corporation (PINKSHEETS: VNMC) today announced that the Company has signed a definitive agreement to acquire an 80% equity interest in Yupolo Resources, an Indonesian company, in exchange for a combination of cash and stock, and co-develop a 3,500-hectare gypsum and limestone concession in Nusa Tenggara Timur, Indonesia. VNMC expects to close this transaction within 45 days after the signing of this definitive agreement, subject to additional satisfactory due diligence review.\n The gypsum deposits at this concession are of high quality (purity of 85 - 95% CaSO4.2H2O) and estimated to be in excess of 30 million metric tonnes while the limestone deposits are approximately 400 million metric tonnes.\n Located in the District of East Solor, Solor Island, Regency of East Flores, Province of Nusa Tenggara Timur, Indonesia, the proposed mine spot of the concession is only four kilometers from the new expanded Menanga Sea Port. \n VNMC and Yupolo Resources intend to develop this concession in four stages:\n Stage 1:\n Gypsum and limestone mining are targeted to produce up to 2 million MT of gypsum and limestone per year by the second year of production. Yupolo Resources already has committed domestic buyers. It also plans to export the gypsum product to neighboring Southeast Asian countries. Indonesia currently imports gypsum to East Java at US$ 38/MT CIF and to South Sulawesi at US$ 42-45/MT CIF. Investment range: US$ 2 - US$ 5 million.\n Stage 2:\n Set up a clinker plant with a capacity 250,000 to 500,000 MT of clinker per year to meet the demand of cement plants in the local region. Investment range: US$ 10 - US$40 million. This stage is a development step and preparation prior to stage 3.\n Stage 3:\n Set up a mini cement plant with a capacity of 100,000 to 200,000 MT cement per year. Cement consumption in the surrounding areas is over 3,000,000 MT per year with a double-digit growth rate. Investment range: US$ 20 - US$ 50 million. This stage is a development step and preparation prior to stage 4.\n Stage 4:\n Integra...