The mining subsidiary of retailer Agis has signed a conditional sale and purchase agreement with the undisclosed miner, reported Jakarta Post.
Speaking about the company Agis corporate secretary Mohammad Noor Syahriel revealed that the company owns a mining license, locally known as IUP, spanning over 2,500 hectares of land in West Sumatra.
"Following the agreement, Agis Resources will control two mining sites in West Sumatra," added Syahriel talking about the acquisitions.
Agis is reportedly a joint venture with China-based Fujian Xinjifu that owns 49% while remaining 51% is accounted to Indonesian miner.
"The signing of the agreement is Agis’ move to diversify its business to the mining sector.
"Agis Resources is expected to start operations soon and contribute to Agis," concluded Syahriel.
