CNMC Goldmine Holdings is proposing to procure a 100% stake in what might be its third mining resource in Malaysia, KelGold Mining, for RM2.5 million ($0.8 million) in real money.
Situated in Kelantan, KelGold has rights to investigate for iron metal and different minerals in a territory traversing 15.5 sq km. The organization is additionally during the time spent getting its investigation permit restored for the investigation of gold and different minerals on another site with a region of 8.7 sq km.
The gathering's offer comes a month after it finished an exchange to get a dominant part 51% stake in Pulai Mining, which turned into an auxiliary of CNMC on Feb 24 this year. Pulai Mining is approved to mine gold, press mineral and feldspar on around 38.4 sq km brownfield site in Kelantan.
Both the locales are roughly 100km north of the gathering's lead Sokor gold field, which is around two hours' drive from KelGold's concession destinations.
In a Monday recording to the SGX before the market opened, CNMC takes note of that its proposed obtaining has "critical potential in light of topographical data so far accessible", and that there is key collaboration with the KelGold due to the "geographic vicinity of Land 1 and Land 2 to the gathering's current Sokor extend".
The arrangement is not anticipated that would materially affect CNMC's FY17 profit.
"This concession looks encouraging as observation investigation work completed by our in-house investigation group in parts of KelGold's regions revealed fascinating gold evaluations," remarks the gathering's CEO, Chris Lim.
"We are as yet proceeding at Sokor, where investigation and generation is continuous. In the meantime, we have begun preparatory land investigation exercises at Pulai Mining to discover mineral assets. After some time, we expect more noteworthy economies of scale and operational effectiveness as we continue developing our mining operations in Kelantan," he includes.
Shares of CNMC shut 1.23% lower at 40 pennies last Friday.
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