Welcome to Indo Mines Limited

Indo Mines Limited (ASX:IDO) is an Indonesian-focused mining and metals company committed to developing and unlocking the potential of iron sand mineral assets to establish itself as a low cost domestic iron manufacturer and becoming the supplier of choice to the growing Indonesian and Asian Steel and Metals Industry. 

PT Jogja Magasa Iron (‘PT JMI’) is a joint venture between Indo Mines, which holds 70% of the issued capital and PT. Jogja Magasa Mining (‘PT JMM’) whom holds the remaining 30%. PT JMM is a consortium of individuals, including the Sultan of Yogyakarta. PT JMI holds a Contract of Work (‘CoW’) concession in the Kulon Progo region, ~30 kilometres from the Javanese city of Yogyakarta. The CoW holds a production license to mine iron sands and produce pig iron within a 2,977 hectare area. The area covered by the license is approximately a 22 kilometre long by 1.8 kilometre wide stretch of beach, between the Kulon Progo and Serang Rivers. The project contains a 2012 JORC compliant resource, as detailed in the Mineral Resources and Reserves Statement in the 2017 Annual Report.

Indo Mines also holds a 30% equity interest in NSX listed Sapex Group Limited. For more information see www.nsx.com.au/summary/SAA.

The Company’s major shareholders consist of the Rajawali Group, a large Indonesian group with diverse interests, and Rockcheck Steel Group Co., Ltd, one of China’s largest privately owned iron and steel producers. In November 2017 Pt Surya Langgeng Utama, a wholly owned subsidiary of Rajawali, announced an off-market takeover bid for all the Company's shares not held by parties related to Rajawali. At the date of the Offer, Rajawali and its associates held 57.12% of the Company’s shares. PT Surya offered $0.02 per Company’s share. The offer was declared unconditional on 15 December 2017.  The Independent Directors of the Company unanimously recommended that shareholders accept the Offer in the absence of a superior proposal. The offer closed on 13 April 2018 with Rajawali holding a relevant interest in 76.49% of the Company's shares. 

Indo Mines submitted a formal application for the removal of Indo Mines' shares from the ASX, pursuant to ASX Listing Rule 17.11. This request was approved by ASX. Indo Mines expects that its shares will be removed from the Official List on 21 August 2018. For further information regarding the delisting process see the ASX announcement dated 11 May 2018.