Why is Lion Selection Group’s (ASX:LSX) share price on investors' radar?

December 31, 2021 04:25 PM AEDT | By Priyanka Payal

Google News:

Why is Lion Selection Group’s (ASX:LSX) share price on investors' radar? — Image source: © Kenishirotie | Megapixl.com

Recent News

Canada to hit NATO defense target early - The Globe and Mail

Qualcomm at 40: Here’s How We Drove Five of the Biggest Tech Revolutio...

Mastercard Economics Institute: Circular Fashion Is Sew on Trend

What are the three big things in markets now? RBC weighs in

Highlights

J Resources completes its Sale and Purchase Agreement with PT Andalan Bersama Investama (Andalan) for all the shares in PT Gorontalo Sejahtera Mining.

On Thursday, PT Merdeka Copper Gold Tbk (Merdeka) declared that it has invested US$ 80.16 million to subscribe for 50.1% in Andalan.

Following Merdeka’s investment in Andalan, Merdeka will acquire a majority interest in the Pani Gold Project.

ASX-listed mining investment company Lion Selection Group (ASX:LSX) shared on 31 December 2021 that J Resources has now completed its Sale and Purchase Agreement with PT Andalan Bersama Investama (Andalan) for all the shares in PT Gorontalo Sejahtera Mining. PT Gorontalo Sejahtera Mining is the company that holds the Pani Contract of Work. A day earlier, PT Merdeka Copper Gold Tbk (Merdeka) declared that it has agreed to subscribe for 50.1% of Andalan.

The announcement revealed that in order to permit the GSM transaction to proceed, the Pani Joint Venture (where Lion holds 33%, Merdeka Copper Gold owns 67%) has now settled the arbitration action taken against gold mining Company J Resources.

On 30 December 2021, the Indonesian mineral and mining company PT Merdeka Copper Gold Tbk (IDX:MDKA) announced that it has invested US$80.16 million to subscribe for a 50.1% interest in Andalan. Andalan recently completed the acquisition of PT Gorontalo Sejahtera Mining from PT J Resources Nusantara, a subsidiary of PT J Resources Asia Pasifik Tbk.

PT Merdeka Copper Gold Tbk (Merdeka) owns 66.7% interest in PT Pani Bersama Jaya, which holds the Pani IUP. The Pani IUP and Pani CoW mining properties are adjacent and together constitute the complete Pani Gold Project. Significant benefits are expected to be delivered via a joint development of the properties.

Today, the stock LSX closed 19.101% higher at AU$0.500 per share on ASX.

Bottom Line:

The Pani Gold Project will enable the combined resources of Pani IUP and Pani CoW to be developed into a single larger gold mine project. The overall reserve for the Pani Gold Project will be more significant materially than the probable reserves would have been had the projects been developed separately.

The combined project is anticipated to become a long-life and low-cost gold mine with the capability to have annual production exceeding 250,000 ounces of gold for over 15 years. This will rank the project among one of the largest by gold production in the Asia-Pacific region. The project is expected to have an existing combined resource of 4.7 million ounces of gold.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.