08/04/2009 - 14:45

Prosperity, Paramount turn to Indonesia

08/04/2009 - 14:45

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Two Perth-based resource companies, Paramount Mining Corp and Prosperity Resources, will focus on projects in Indonesia in a bid to achieve early cash flow.

Prosperity, Paramount turn to Indonesia

Two Perth-based resource companies, Paramount Mining Corp and Prosperity Resources, will focus on projects in Indonesia in a bid to achieve early cash flow.

The move for Prosperity follows the recent acquisition of the Pinang-Pinang gold-copper project in Aceh, Indonesia.

As a result of the new strategic focus, Prosperity said it will sell its iron ore assets and Yalgoo gold project. However it will retain the Tennant Creek gold-copper assets in the Northern Territory.

"The company continues to evaluate other metalliferous projects in Indonesia including iron ore and manganese with a view to acquiring projects which will generate cash flow in the next twelve months," Prosperity said.

Meantime, Paramount announced today coal will be the major new focus for the company.

"A number of strategically located coal projects in Indonesia are currently being assessed, and the company intends to acquire several of these over the next few months," Paramount said.

As a result, the company intends to rename itself Paramount Coal and Power, subject to shareholder approval.

The company will retain its diamond portfolio.

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