Minetec whose core business is quarry mining in Malaysia, has announced plans to pursue new mining projects, particularly gold mining in Indonesia. Subsequently, the company has signed a memorandum of understanding with PT Gold Port Mineral.
Minetech says PT Gold Port is an Indonesian company which owns an offshore diamond and gold mining concession in Kalimantan, with an aggregate coverage area of 136,700 hectares.
“It is understood that PT Gold Port is the beneficiary to some mining concessions and is seeking a partner for technology transfer and also fund the initial commencement of operations in respect of its concessions. With the help of Minetech’s existing resources and expertise, the strategic partnership will be profitable for both parties,” the company said in a statement.
The MoU with PT Gold Port will allow the parties to commence their due diligence on the confidential concession documents, carry out studies on the concession, and if necessary, appoint consultants to conduct tests at the site.
Minetech recently announced that it had renewed a two-year RM42.37 million contract with Selinsing Gold Mine Manager Sdn Bhd (SGMMSB) in respect of the Selinsing gold mine in Malaysia. SGMMSB is a company owned by Monument Mining, which is an established Canadian gold producer.
Monument has a portfolio of gold and other metal properties, including the Mengapur Polymetallic Project in Malaysia, and Murchison Gold Project in Australia.
Minetech was first awarded the contract by SGMMSB on May 25, 2009, with a contract duration of RM37 million over a three-year period.
What started as a drilling and blasting service in 1977 by founder Michael K S Chin, has since developed into one of the largest aggregate mining business in Malaysia. To date, Minetech Resources Berhad operates an expanding network of nine quarries around Malaysia and overseas. With more than 30 years of industry experience, MRB has also positioned itself to provide quality and specialized civil engineering works including drill and blast services, earthworks, road pavement projects and building construction.
Q4FY19 revenue growth of 17% while EBITDA grew by 206% mainly driven by stronger operating performance of Plantation and Healthcare Kuala Terengganu – TDM Berhad (“TDM” or “the Group”) reported a strong full-year result with Revenue up 7% to RM431.7 million and EBITDA grew 70% to RM69.9 million year-on-year. Adjusted EBITDA which indicates operating performance, increased 84% to RM77.3 million.
Plantation Commentary on the prospects, including the factors that are likely to influence the Group's prospects for the remaining period to the end of the financial year or the next financial year if the reporting period is the last quarter ThepalmpricescontinueditsmomentumandwentaboveRM3,100levelinearlyJanuary2020.However,newsontheCoronavirusdisease2019(Covid-19)outbreakinWuhan,China,haveshatteredtherallyandpressureddownthepalmoilprices.CPOpricenosedivedRM400towardsRM2,600permtlevel within just two days. TheGroupisoptimisticonthelong-termfundamentalsoftheindustryandwillremainfocusedinimprovingproductivityandoptimizingproductioncost.Wearecommittedtooursustainabilityagendainensuring our growth is benefiting our people, planet and stakeholders. WeareoptimisticthatourHealthcareDivisiongrowthwillcontinuetobesupportedbyourcapacityexpansionandintroductionofnewservices,despiteofchallengingeconomicenvironmentandentryofnew players to the industry that will continue to weigh on the Healthcare sector. TheGroupiscautiouslyoptimisticofachievingsatisfactoryoperatingperformanceinthenextfinancialyear. However,webelieveyear2020willstillbebetteryearforCPOpricesupportedbylowproduction,lowstock level, on-going higher biodiesel mandates and strong demand.