Intrepid?s shares placement to Surya Paloh completed

By Demas Simbolon

Australia-listed miner Intrepid Mines Limited announced that the first tranche of shares placement of 27,680,017 ordinary shares to Indonesian businessman, Surya Paloh has just been completed.

With the share placement which represented about 5 percent of the company?s expanded issued capital, Paloh - a founder and owner of the first Indonesian news television network, Metro TV, and the Media Group, which publishes the Media Indonesia and Lampung Post newspapers - would assist the company in promoting the company?s profile and business interests within Indonesia.

Intrepid earlier reported that the company was preparing a dispute after its JV partner, PT Indo Multi Niaga (IMN) suspended operations at copper-gold Tujuh Bukit project in East Java.

IMN had asked several members of senior management, including all expatriate employees seconded to PT IMN from Intrepid, to leave site.

Editing by Adianto P. Simamora