JAKARTA – PT Petrindo Jaya Kreasi Tbk (CUAN), a company owned by tycoon Prajogo Pangestu, together with its subsidiary PT Petrosea Tbk (PTRO), has submitted a binding offer to Tolu Minerals Limited.

CUAN and PTRO plan to acquire convertible debt instruments issued by Tolu Minerals worth USD 23.75 million, or around IDR 280 billion. These notes can later be converted into a 4.99% equity stake in Tolu Minerals.

“This move forms part of the Petrindo Group’s business expansion and development strategy outside Indonesia,” the management of CUAN and PTRO said in an official statement on Wednesday (25/3).

Tolu Minerals Limited is a gold and copper exploration and development company, with its primary focus on the Tolukuma gold mine in Papua New Guinea, which is targeted to commence production in the near term.

The company also holds a significant portfolio of exploration projects across the Pacific Ring of Fire, a region known for its rich mineral potential, particularly gold and copper.

Founded in 2020, Tolu Minerals is headquartered in South Brisbane, Australia, and its shares are listed on the Australian Securities Exchange (ASX). However, its main operations are located in Papua New Guinea.

In addition to the ASX, Tolu Minerals’ shares are also traded on the OTC Market in the United States and Deutsche Börse in Germany. (DK/ZH)