The company signed a binding agreement last year for the conditional sale of its South East Asian assets to J&Partners.
Avocet has sold its 100% interest in the Penjom Gold Mine in Malaysia and its 80% interest in PT Avocet Bolaang Mongondow, which owns the North Lanut mine and Bakan project in North Sulawesi, Indonesia, for cash proceeds of $170m.
The completion of the sale of Avocet’s other South East Asian assets pursuant to the same sale agreement is expected to occur during the third quarter of 2011, following receipt of necessary government approvals.
The remaining assets to be sold are: a 51% interest in the Seruyung exploration property; a 60% interest in the Doup exploration property; a 75% stake in PT Gorontalo Sejahtera Mining, including the Pani prospect; 100% interest in PT Avocet Mining Services; and entire stake in Avocet Mining (Malaysia).
The transaction with J&Partners will leave Avocet as a West African gold producer with a strategy for growth in that region, Avocet said.
