JAKARTA: PT Central Omega Resources Tbk, a publicly listed nickel and cobalt producer, keeps eyes open to manage the continuity of mining business operational to avoid delisting sanction.Feni S. Budiman, Director of Central Omega Resources in an information disclosure to Indonesia Stock Exchange (IDX) last week saud that the company is making serious efforts to back on the market after the suspension sanction ends.The companys stock was suspended by the authority since May 14, 2009 because the company did not operate its business since January 3, 2009.The decision of the previous parent company which chooses to delay the operation of its subsidiaries mining areas has become a problem for every company which is suspended by the authority, she said.Feni said May 14, 2011 is the 24 months time limit for the suspended company and afterward the companys stock may be removed from the listing, as stated on Stock Exchange Regulation No.I-I pon III.3.1.2 about stock delisting.Some measures have been conducted by the company include transferring share of parent company which is done liberally, without any pressures and purely considered it as a business.Until today [February 10, 2011] the agreement of share transfer has been realized on a conditional sale and purchase of shares, said FaniAbout 30% shares of Central Omega Resources (DKFT-coded stock), owned by Fuyuan Investment Group Ltd, will be sold to PT Danpac Resources Kalbar equipped with a deed No.177 on October 21, 2010 releasing by notary Buntario TigrisBesides an agreement to acquire 30% shares which owned by Jinchuan Group Co.ltd Chen Wen Ping will also eat 5% shares owned by Victory Light Pte. Ltd and another 5% of Fuyuan Investment Group Ltd. with a deed released on December 2, 2010The parent company controls 80% shares and based on the shareholder list of PT Sinartama Gunita as of January 31, 2011, there are about 1,533 shareholders.The corporate actionFeni said to accomplished the time limit on May 14, 2011, the company will have corporate action which is aimed at keeping the continuity of mining area operational commercially.The particular area is nickel mine of PT Bumi Konawe Abadi which is 436.8 hectares located in Sawa, North Konawe Municipal in Southeast Sulawesi which has estimated reserves of 3.67 metric tons. She mentioned the corporate action is in the form of management reorganization as previously performed in an extraordinary general meeting of shareholders on January 27, 2011.In addition, the company also prepares the operational of mining area by constructing facilities and infrastructure such as mining land acquisition, procurement of office facilities, 3.5 km of road hauling, laboratory, employees dormitory and a jetty.The company through PT Bumi Konawe Abadi has appointed PT Delta Sarana Sentosa as the contractor of facility and infrastructure development as well as the miner. (wiw/t03)

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