Acting for BlackGold Natural Resources Limited in acquisition

We are acting for BlackGold Natural Resources Limited in its proposed acquisition of the entire issued shares of Ensbury International Limited.

The target company currently holds shares representing the entire issued capital of Ensbury Kalteng Pte Ltd, a company incorporated in Singapore, and shares representing 4% of the issued share capital of PT Ensbury Kalteng Mining, a company incorporated in Indonesia. Ensbury Kalteng Pte Ltd holds the remaining 96% issued share capital of PT Ensbury Kalteng Mining.

Ensbury Kalteng Pte Ltd is principally a holding company, whilst PT Ensbury Kalteng Mining is primarily engaged in the business of gold mining. PT Ensbury Kalteng Mining currently holds five (5) mining concessions to over mining blocks measuring in aggregate 21,110 hectares located in Central Kalimantan, Indonesia. A block covering a total area of 1,176 hectares is presently in production whereas the remaining four (4) blocks covering a total area of 19,394 hectares are under feasibility study. The production of the Pangkut Block commenced in 2011 and all blocks are under a 6th generation Contract of Work (COW) with the Government of Indonesia. The original COW covered over 600,000 hectares and was owned by Rio Tinto.

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