Asia Resources announced that it has entered into a memorandum of understanding with the owner of a 1,195 hectares iron -ore deposit in Indonesia, in which it intends to buy a 55 percent stake.
The owner, Mr Lam, has agreed not enter into negociations with any other parties while Asia Resources carries out due diligence on the site.
Asia Resources is principally engaged in manufacturing and sales of pharmaceutical products, but is moving into iron ore mining. It recently acquired its first iron mine in Mongolia in a transaction completed in June this year.
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