KUALA LUMPUR, March 26 -- Pestech International Bhd will undertake construction of the Okvau Gold Mine project 230kV Grid Connection in Cambodia after finalising the contract with Renaissance Minerals (Cambodia) Ltd for a combined value of US$7.34 million.
In a filing with Bursa Malaysia today, the group said its wholly-owned subsidiary company, Pestech (Cambodia) PLC (PCL) signed the contract with the subsidiary of Australian-listed mining firm, Emerald Resources NL on March 14.
The contract covers supply, design, construction, erection, installation, testing, commissioning, energisation, and handover of the 230/11 kV Okvau Transmission Substation.
The Okvau Gold Project involves the development of the Okvau Deposit, which is located in the Mondulkiri province of eastern Cambodia, approximately 275km northeast of the capital, Phnom Penh.
“It is the first gold mine transmission substation asset to be undertaken by PCL. Amidst the global market uncertainties, Pestech is resilient in its effort to continue serving the needs for reliable electricity supply in the region albeit the COVID-19 pandemic,” the company said.
Pestech attributed its competitive edge and customer confidence to its track record and previous experience in gold mine transmission substation projects undertaken by other subsidiaries overseas.
Meanwhile, the project started on March 1, 2020 and is scheduled to be completed within 12 months from the commencement date.
“The project will contribute positively towards the revenue and earnings of Pestech in accordance to the stage of project progress to be recognised in the financial years ending June 30, 2020 and June 30, 2021.
“Pestech does not foresee any exceptional risk other than the normal operational risk associated with the project such as availability and changes in the price of raw materials,” added the company.
It said it would take necessary steps to mitigate the risks as and when they occur.
Malaysia National News Agency
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