Australian private equity firm EMR Capital has agreed to offload its 80% stake in Martabe gold and silver mine in Indonesia to PT Danusa Tambang Nusantara for $1.21bn.

The deal also includes the interests of Farallon Capital and other shareholders in the mine, reported Deal Street Asia.

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“We are committed to our investment strategy and will continue to grow investor value across our expanding project portfolio.”

PT Danusa is currently owned by Indonesia-based heavy-equipment distributor PT United Tractors and PT Pamapersada Nusantara.

The Martabe gold and silver mine has reserves of 4.7moz of gold and 36moz of silver, as well as resources of 8.8moz of gold and 72moz of silver as of 31 December 2017.

The mine has seen a production of 355,000oz of gold and 2.8moz of silver last year at an all-sustaining cost of $406 per ounce of gold.

EMR Capital chief executive officer Jason Chang was quoted by the news website as saying: “Indonesia is an important market for EMR and we are currently assessing a number of other investment opportunities in that country.

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“We are committed to our investment strategy and will continue to grow investor value across our expanding project portfolio by utilising our industry experience, expertise and networks.”

Both companies expect to complete the deal by the end of 2018.

Last week, EMR Capital has completed the acquisition of 80% stake in the Kestrel coking coal mine in Bowen Basin, Australia, from Rio Tinto.

According to reports, the financial value of the deal is $2.25bn.

The deal was completed through a binding agreement with coal major Adaro Energy. Both companies will manage and operate the Kestrel mine.

The Australian private equity major currently manages ten mining investments across four categories such as gold, copper, hard coking coal and potash across the world.