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BUSINESS

Malaysia Smelting Corp's unit plans to acquire entire equity interest in Asas Baiduri

03/06/2022 08:27 PM

KUALA LUMPUR, June 3 (Bernama) -- Malaysia Smelting Corp Bhd’s (MSC) wholly-owned subsidiary, Rahman Hydraulic Tin Sdn Bhd (RHT), has entered into a conditional sale and purchase agreement with Tin International Sdn Bhd (TISB) to acquire the entire equity interest in mining and prospecting company Asas Baiduri Sdn Bhd (ABSB).

In a filing with Bursa Malaysia today, the company said in conjunction with the proposed acquisition, which is valued at between RM664.5 million and RM721.4 million, MSC and RHT had also entered into a shareholders agreement with TISB to govern the rights, duties, liabilities and obligations to each other as shareholders in relation to the operation of RHT.

It noted that RHT is principally engaged in tin mining on seven mining leases for an area measuring approximately 701 hectares in Klian, Perak (RHT Land), for a lease period of 15 years, commencing from Nov 15, 2019 until Nov 11, 2034.

After completion of the proposed acquisition, RHT is expected to benefit from the potential tin resources within ABSB’s land measuring approximately 568.4 hectares for a lease period of 21 years, commencing from June 8, 2012 until June 7, 2033, with inferred tin resources of up to 1,200 tonnes and monetary value of up to RM82 million.

ABSB’s land is located at the immediate east of RHT Land. 

The company shared that RHT operates a hard rock open-pit mine at RHT Land, where tin ore is extracted from the earth and processed into tin-in-concentrates that are utilised as raw materials for the group’s tin smelting activities.

“RHT contributes more than 10 per cent of the raw material for the group’s tin smelting activities, while the remaining raw material is sourced from local artisanal tin miners and third-party tin mines outside of Malaysia, such as Australia and Africa.

“The group is also undertaking exploration activities to locate new tin ore resources within RHT Land as well as adjacent lands.

“In view of the above, the proposed acquisition is expected to contribute positively to the operation and future performance of the enlarged MSC group,” it added.

-- BERNAMA

 

 


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