Kuala Lumpur, Jan 31: Minetech Resources Berhad, recognized for its proficiency in civil engineering and bituminous product manufacturing, along with a growing presence in the solar energy sector, is pleased to disclose the successful contract renewal secured by its subsidiary, Minetech Construction Sdn Bhd (MCSB).
The agreement, in collaboration with Able Return Sdn. Bhd. and Damar Consolidated Exploration Sdn. Bhd., pertains to waste removal, ore delivery, and related operations for the Selinsing Gold Mine Project. This renewal prolongs the association for an additional 36 months, effective from January 1, 2024, to December 31, 2026, with the contract’s value estimated at RM230.0 million.
Positioned within the Central Gold Belt of Malaysia, the Selinsing Gold Mine, covering an area of 150.3km², includes multiple properties such as Selinsing, Buffalo Reef, Felda Land, Peranggih, and Famehub, situated approximately 158km north of Kuala Lumpur.
The mine is equipped with a gold processing plant and necessary infrastructure, easily accessible from all involved properties.
Abang Abdillah Izzarim, the Executive Chairman of Minetech Resources Berhad, shared his excitement regarding the contract extension, remarking, “This agreement with Able Return Sdn Bhd and Damar Consolidated Exploration Sdn Bhd represents a crucial milestone for Minetech. It reaffirms our leading status in the sector and is in line with our strategic growth and excellence objectives. We are dedicated to applying our expertise and resources to further enhance the success of the Selinsing Gold Mine Project, aiming to generate value for every stakeholder involved.”
It’s noteworthy that the operations of the Selinsing Gold Mine and the recent contract extension are in harmony with Minetech’s commitment to Environmental, Social, and Governance (ESG) principles.
This commitment emphasizes the company’s dedication to sustainable mining operations, active community involvement, and adherence to governance standards, striving not just for compliance but also to positively influence the local ecosystem.
As of January 31, 2024, at 5:30 P.M., Minetech’s stock concluded the trading day at RM0.145, reflecting a market capitalization of RM258.7 million.
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