SYDNEY (Yosefardi) – Kangaroo Resources is now reviewing its options in relation to the orderly divestment of surplus or all its interest in 5 mining concessions in Indonesia to ensure compliance with the new regulation.
The government of Indonesia had last year introduced new mining regulations (MEMR Regulation 27-2013) related to foreign ownership of mining concessions in Indonesia.
Kangaroo currently has interest in 14 mining concessions in Indonesia, already holds 99% equity in 9 mining concessions.
The equity holdings will ultimately need to be reduced progressively after the 5th year of production (maximum 80% equity) to after the 10th of production (maximum 49% equity).