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-marked takeover bid for all the Company's shares not held by parties related to Rajawali. As at the date of the Offer, Rajawali and its associates held 57.12% of the issued Company’s shares. PT Surya is offering $0.02 per Company’s share. PT Surya is offering $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. As of 14 March 2018, PT Surya had received acceptances of its Offer for 17.59% of Indo Mines Shares, taking Rajawali’s voting power in Indo Mines as at that date to 74.71%. The closing date of the Offer has been extended until 29 March 2018.