KUALA LUMPUR (Jan 31): Minetech Resources Bhd has secured a contract extension worth RM230 million for waste removal, ore deliveries and associated works for the Selinsing Gold Mine project in Pahang.

In a statement on Wednesday, Minetech said the group entered into an agreement with Able Return Sdn Bhd and Damar Consolidated Exploration Sdn Bhd for the renewal of the contract for a three-year period until Dec 31, 2026.

The Selinsing Gold Mine spans 150.3 square kilometres, encompassing the Selinsing, Buffalo Reef, Felda land, Peranggih and Famehub properties, which are located 158km north of Kuala Lumpur.

Minetech said the mine boasts a gold processing plant and essential infrastructure, readily accessible from all properties.

The civil engineering specialist and bituminous products manufacturer added that the extended contract is expected to contribute positively to the group’s revenue, earnings and net assets for the financial year ending March 31, 2024 (FY2024) until FY2027.

Minetech's newly-appointed executive chairman Abang Abdillah Izzarim said the contract extension reaffirms the group's leading position in the industry.

“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,” he said.

Abang Abdillah, who is the son of Sarawak Premier Tan Sri Abang Johari Abang Openg, joined the board on Jan 3, and emerged as the group's largest shareholder a week later with a 16.34% stake.

Shares in Minetech closed unchanged at 14.5 sen on Wednesday, valuing the group at RM257.57 million.