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Indonesia's J Resources Said to Bid for Kingsgate Mine

Nov. 28 (Bloomberg) -- PT J Resources Asia Pasifik, an Indonesian mining company, has offered to acquire the Chatree gold mine in Thailand from a company backed by Kingsgate Consolidated Ltd., a person with knowledge of the matter said.

Gavin Thomas, chief executive officer of Kingsgate, said it has received “numerous” offers for the gold mine over the past 24 months. The mine is run by Akara Mining Ltd., which is 49 percent owned by Sydney-based Kingsgate.

Thomas declined to confirm the bid from J Resources, or say if it was among those that Kingsgate has rebuffed. The person with knowledge of J Resources’s bid asked not to be identified as the information is private.

The offers were all “highly conditional and subject to financing,” Thomas said by telephone from Sydney. “We’ve had several bids and they are of differing values, conditions, ability of finance, and at this stage the board has felt that the value of the Chatree asset has not been met by those offers.”

A plan to sell 51 percent of Akara Mining via a public offering, which would help raise funds for Kingsgate’s projects in Chile and Australia, has been put on hold until June next year, Thomas said. The fundraising plan depends on Akara receiving approvals for some exploration rights to expand the Thai mine.

J Resources, based in Jakarta, owns silver and gold mines in Indonesia and Malaysia, according to information on its website. It acquired assets from Avocet Mining Plc for $200 million in 2011.

To contact the reporters on this story: Yoga Rusmana in Jakarta at yrusmana@bloomberg.net; Soraya Permatasari in Melbourne at soraya@bloomberg.net

To contact the editors responsible for this story: Jason Rogers at jrogers73@bloomberg.net; James Poole at jpoole4@bloomberg.net

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