The Jakarta Post reported that Indonesian domestic mining company Merukh Enterprises, owned by politician turned businessman Mr Jusuf Merukh, has formed a JV with Indian company Salgaocar Mining Industries Pvt Limited to develop two iron ore mines in Sumba Island in East Nusa Tenggara.
Merukh Enterprises' subsidiary PT Sumba Prima Iron signed the deal with Salgaocar recently.
Mr Rudy Merukh president & CEO of Merukh Enterprises said that "The JV is established to accelerate the exploration and exploitation of the ore mines. We expect the mines will start the operation by the end of 2011."
The two mines are estimated to contain iron ore reserves as much as 692.22 million tonnes.
Mr Rudy said that PT SPI held a controlling stakes of 55% in the JV, while Salgaocar owns 20% stakes. The remaining 25% of the stakes is owned by German company ESG Eisenerz Stahl GmbH.
It may be noted that Merukh Enterprises now is also in talks with several potential partners to develop five other iron ore mines also located in Sumba Island.
(Sourced from www.thejakartapost.com)
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