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Minetech Secures Renewed Contract for Selinsing Gold Mine Project Worth RM230 Million

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Publish date: Wed, 31 Jan 2024, 08:22 PM

Minetech Secures Renewed Contract for Selinsing Gold Mine Project Worth RM230 Million

Renewed Selinsing Gold Mine Contract Cements Minetech's Position in Mining Services


KUALA LUMPUR, 31 JANUARY 2024 Minetech Resources Berhad ("Minetech" or the "Company"), a civil engineering specialist, bituminous products manufacturer as well as an emerging player in the solar energy space, is delighted to announce that the Company’s wholly-owned subsidiary, Minetech Construction Sdn Bhd (“MCSB”), has successfully extended the contract with Able Return Sdn. Bhd. and Damar Consolidated Exploration Sdn. Bhd. for waste removal, ore delivery, and associated works for the Selinsing Gold Mine Project. This renewal extends the partnership for an additional 36 months, starting from 1 January 2024 to 31 December 2026, with the contract valued at an estimated RM230.0 million.

Nestled in Malaysia's Central Gold Belt, the Selinsing Gold Mine spans 150.3km², encompassing the Selinsing, Buffalo Reef, Felda Land, Peranggih, and Famehub properties, located 158km north of Kuala Lumpur. For information, the mine boasts a gold processing plant and essential infrastructure, readily accessible from all properties.


Encik Abang Abdillah Izzarim, Executive Chairman of Minetech Resources


Encik Abang Abdillah Izzarim, Executive Chairman of Minetech Resources Berhad, expressed his enthusiasm about the extension, stating, "This contract with Able Return Sdn Bhd and Damar Consolidated Exploration Sdn Bhd is a significant milestone for Minetech. It not only reaffirms our leading position in the industry but also aligns with our strategic vision for growth and excellence. We are committed to leveraging our expertise and capabilities to further contribute to the success of the Selinsing Gold Mine Project, ensuring value creation for all stakeholders involved."

Following Encik Abang Abdillah's enthusiasm for the project's potential, it is important to note that the Selinsing Gold Mine's operations and the extended contract align with Minetech's commitment to Environmental, Social, and Governance (ESG) principles. This alignment underscores the company's dedication to sustainable mining practices, community engagement, and governance standards that not only ensure compliance but also aim to positively impact the surrounding environment.

As at 31st January 2024, 5:30 P.M., the share price of Minetech closed at RM0.145, signifying a market capitalisation of RM258.7 million.

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