June 1, 2018 / 9:28 AM / 18 days ago

China's Pengxin in talks to buy Indonesian gold mine Martabe -WSJ

June 1 (Reuters) - China's Pengxin International Mining Co Ltd is in advanced talks to buy Indonesian gold and silver mine Martabe from a consortium led by EMR Capital, for about $1.5 billion, the Wall Street Journal reported on Friday, citing sources.

Pengxin's deal for Martabe, a giant gold mine on the Indonesian island of Sumatra, hasn't been finalised, the Journal reported. on.wsj.com/2J2N0Jp

Australia-based EMR Capital had spearheaded a consortium ­that bought 95 percent of the mine from Hong Kong's G-Resources in 2016 for $775 million.

Many companies have shown interest in buying Martabe, which has resources of 7.5 million ounces of gold and 67 million ounces of silver.

A Pengxin spokesman declined to comment on the matter, while Martabe's majority owner EMR Capital was not immediately available for comment.

The other stakeholders in the mine are U.S. investment group Farallon Capital Management, with a 20.6 percent stake, and Indonesian billionaires Martua Sitorus with 11 percent and the Hartono family with 7 percent. (Reporting by Ishita Chigilli Palli in Bengaluru and Muyu Xu in Beijing; Editing by Gopakumar Warrier)

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