INDONESIA - Intrepid survives coup attempt

ASX-listed Intrepid Mines has survived an attempted coup by a Hong Kong private equity group with shareholders backing their board to continue its concerted efforts to confirm Intrepid’s 80% interest in the rich Tujuh Bukit Copper-Gold Project.  

Intrepid was removed from its $5 billion project last July and stripped of its interest by its joint venture partner, PT Indo Multi Niaga (PT IMN). Intrepid’s interest is now controlled by Indonesian tycoon Edwin Soeryadjaya. The attempted board coup was led by shareholder and hedge fund Quantum Pacific Capital, with which Edwin Soeryadjaya has said he would be willing to negotiate a settlement.

In a recent report to shareholders, Intrepid said: “We are advised that as previously reported the police investigations against PT IMN, the joint venture partner and its associates are ongoing.”

The company is seeking to have the proceedings instituted in the State Administrative Tribunal in Surabaya, seeking decisions of the Bupati of Banyuwangi to approve the transfer of the IUPs and the subsequent changes in shareholding, set aside. Meanwhile, a law suit initiated against various parties, including the company, in the South Jakarta District Court in Indonesia, is ongoing.

While activity on Tujuh Bukit was suspended on July 19, 2012, when access to the site was denied to the company by PT IMN, Intrepid expects to shortly complete technical work to pre-feasibility study status on the oxide project. Measured and indicated oxide resources stand at 70 million tonnes @ 0.71 grams/tonne gold and 27 grams/tonne silver for 1.6 million ounces of contained gold and 60 million ounces of contained silver. The inferred resource stands at 19 million tonnes @ 0.75 grams/tonne gold and 21 grams/tonne silver for 500,000 ounces of contained gold and 13 million ounces of contained silver.

The technical work for the scoping study for the porphyry deposit is still expected to be completed shortly. The inferred resource stands at 1.9 billion tonnes @ 0.45% copper and 0.45 grams/tonne gold for 19 billion pounds of contained copper and 28 million ounces of contained gold.

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