Brighton Mining Group is making bids for Australian unlisted public companies Asia Minerals Corporation and Brighton Mining Ltd (BML) which hold manganese projects in Indonesia and gold projects in Cambodia.
Asia Minerals is developing a high-grade manganese operation in the West Timor region of Indonesia which has now moved into production. Asia Minerals has recently met the Indonesian Government’s evaluation requirements for downstream processing making it the only integrated manganese operator in Indonesia.
Current operations include a 1300 hectare mining tenement and a processing plant with capacity to annually produce up to 240,000 tonnes of manganese lump ore for domestic and export markets. Additionally, Asia Minerals has recently secured port land for shipping stockpiles and industrial land for a future downstream processing plant.
Backed by a highly experienced senior management team, Asia Minerals will provide Brighton with short-term positive cash flow and continued growth in one of the most exciting mineral commodities in Indonesia. The company has 83 shareholders and under the takeover Brighton will bid 23 of its shares for each share in Asia Minerals and one share for every 10 options issued by Asia Minerals, valuing the total bid at $28.85 million.
At the same time Brighton is bidding for all the capital in BML, which holds a 70% interest in and is the controller of Summer Gold Investment Private Ltd, a Cambodian registered company. The remaining 30% of Summer Gold is held by the Cambodian participants involved with the concessions.
Summer Gold holds two mineral concession areas in Cambodia – Kang Roland South in Mondulkiri province and Ouyadav in Ratanakiri province. Kang Roland South is adjacent to Brighton’s Antrong Gold Project.
Since 2007 BML has spent considerable funds on the acquisition, and exploration and development of the concessions held by Summer Gold. Brighton will shortly release a geological review of the two Summer Gold concession areas which is being prepared on behalf of Brighton and will form part of the takeover documents for BML.
The relationship between Brighton and BML is that Jonathan Remta, who is the managing director of Brighton, is a director and shareholder of BML and director of Summer Gold. He was responsible for putting together the Cambodian concession assets.