Aberdeen Invests in Aceh Gold Projects

Wednesday, 22 February 2012 11:47

Written by Ferdi Hasiman/Hatman Bintang

TORONTO, Indonesia Today - Global investment and merchant banking company, Aberdeen International Inc., assessed its investment in East Asia Minerals Corp, which owns interests in gold projects in Aceh, as their long-term strategy.

“We initiated some very exciting new positions in the fourth quarter including East Asia Minerals Corporation, which owns interests in two major gold discoveries in resource-rich Indonesia, including the flagship Miwah project-one of the world's biggest new gold discoveries in the past five years; and Cap-Ex Ventures Ltd., which operates a commanding land position on the Labrador trough with several iron ore projects with huge potential for resource development and ultimately production,” David Stein, Aberdeen’s President and COO, said.

According to Mr Stein, Miwah asset has a world-class potential and expect to become Aberdeen’s core portfolio in 2012.

“Both of these investments were entered into as public companies, which is in line with our long-term strategy. When markets are weak, we often find mineral assets with world-class potential can be acquired more cheaply in the public markets than privately. I expect both of these companies to become core parts of our portfolio this year and I am pleased that we are already sitting on some significant unrealized gains,” he added.

As of end January 2012, the end of its Q4 2012 fiscal year, Aberdeen posts $92.9 million of investment portfolio value including a cash balance of $7.5 million. The investment value is decreased from Q3 ending October 2011 by approximately $7.2 million. For the year, Aberdeen’s portfolio decreased by $33.4 million or around 26.4%. (ferdi@theindonesiatoday.com)

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