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Minetech Resources Bags RM230mil Renewed Contract For Selinsing Gold Mine Project

KUALA LUMPUR: Minetech Resources Bhd’s (MRB) wholly-owned subsidiary, Minetech Construction Sdn Bhd (MCSB), has extended the contract with Able Return Sdn Bhd (ARSB) and Damar Consolidated Exploration Sdn Bhd (DCE) for waste removal, ore delivery, and associated works for the Selinsing gold mine project.

This renewal extends the partnership for an additional 36 months, starting from January 1, 2024, to December 31, 2026, with a contract value of RM230.0 million. MRB executive chairman Abang Abdillah Izzarim said this contract with ARSB and DCE is a significant milestone for the company. “It not only reaffirms our leading position in the industry but also aligns with our strategic vision for growth and excellence.

“We are committed to leveraging our expertise and capabilities to further contribute to the success of the Selinsing gold mine project, ensuring value creation for all stakeholders involved,” he said in a recent statement. MRB is a civil engineering specialist, bituminous products manufacturer and an emerging player in the solar energy space. To note, the Selinsing gold mine’s operations and the extended contract align with MRB’s commitment to environmental, social, and governance (ESG) principles.

This alignment underscores the company’s dedication to sustainable mining practices, community engagement, and governance standards that not only ensure compliance but also aim to positively impact the surrounding environment. Nestled in Malaysia’s central gold belt, the Selinsing gold mine spans 150.3km, encompassing the Selinsing, Buffalo Reef, Felda Land, Peranggih, and Famehub properties, located 158km north of Kuala Lumpur. The mine boasts a gold processing plant and essential infrastructure, readily accessible from all properties.

As of January 31, 2024, MRB’s share price closed at RM0.14, signifying a market capitalisation of RM258.7 million.

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