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Intrepid Mines board survives ouster vote over lost Indonesia mine
June 20, 2013 / 3:22 AM / 4 years ago

Intrepid Mines board survives ouster vote over lost Indonesia mine

MELBOURNE, June 20 (Reuters) - Shareholders of Intrepid Mines on Thursday backed their board to try to win back rights to a $5 billion copper and gold project in Indonesia that the company lost last year, defeating a plan to oust the board, spokesmen for both sides said.

“There is a single point that a majority of shareholders that voted appear to have failed to grasp: this Board failed to protect shareholders from predictable and manageable risks faced by every foreign investor in Indonesia or similar emerging markets,” Hong Kong-based Quantum Pacific, which called for the ouster, said in a statement.

At stake is an 80 percent interest in the Tujuh Bukit project, which Intrepid lost last year when its Indonesian partners transferred the leases for the project into a new company, now controlled by Indonesian tycoon Edwin Soeryadjaya. (Reporting by Sonali Paul; Editing by Muralikumar Anantharaman)

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