Geo Energy Signs Deals to Support Indonesian Firm's Operations Ahead of Planned Acquisition; Shares Down 3%

MT Newswires05-19

Geo Energy Resources (SGX:RE4) signed non-binding agreements to support the operations and development of Harfa Taruna Mandiri, the Indonesian mine operator it intends to buy, according to a Monday filing with the Singapore Exchange.

Shares of the Singaporean mining company were down over 3% in Tuesday's trading.

The company entered into a memorandum of understanding with commodities firm Trafigura, under which the latter will provide $50 million and $100 million in prepayment funding to support the capital expenditure for Harfa's development.

Trafigura also plans to offtake and market 100% of the export volumes from Harfa at approximately 1.5 million tonnes per annum, the filing said.

Geo Energy also signed a separate MOU with East Wonders Indonesia for underground mining contractor services for Harfa for the next 15 years, it said.

In April, Geo Energy entered into a binding term sheet to acquire a 50.1% stake in Harfa.

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