Kobex Minerals Inc. (TSXV:KXM,NYSE:KXM) announced a memorandum of understanding to acquire an 85% indirect interest in a nickel laterite property in Indonesia.
As quoted in the press release:
The MOU is between Kobex and Geologic Systems Ltd. (“Geologic”), a private B.C. company, which holds the exclusive right to negotiate by Nov 20, 2012 a definitive agreement for the acquisition of an 85% interest in PT. Citra Lampia Mandiri (“CLM”), a private Indonesian company. CLM holds an exploration and an exploitation licence (IUP) on the Lampia property totaling about 10,000 hectares.
The Lampia property has in excess of 676 drillholes, indicating the near surface presence of nickel rich limonite and saprolite horizons. Development of the property had commenced anticipating the export of unprocessed ore but was halted with the enactment in May 2012 of Mining Regulations restricting exports to domestically processed value-added products. Prior to these export restrictions Indonesia was a significant supplier of nickel laterite ore to China for use as feedstock in the production of nickel pig iron, a low nickel grade iron alloy used extensively in China for the production of stainless steel.