SYDNEY (Yosefardi) – Paramount Mining Corporation Limited intends to adjust its holding company structure in order to comply with Indonesian mining law (MEMR Regulation 27/2013) concerning foreign ownership of Indonesian exploration and mining license holding companies.
Paramount engaged with senior external counsel from Ginting & Reksodiputro in association with Allen & Overy, Indonesia, over the last few months to clarify the effect of these recent amendments to the Indonesian regulations.
Based upon the advice from external parties the company is taking necessary steps to protect its business and will update the market with further details once the changes and the final corporate structure has been put in place.
Paramount had appointed the DrillCorp Group of Companies to carry out a 4,000 metre diamond drilling program at Gunung Rosa, aiming to increase the confidence in the existing 634,000 oz gold resources.
The Gunung Rosa IUP is located in West Java province, approximately 125 km south of Jakarta, and near the major regional centres of Sukabumi and Cianjur.