Minetech Resources Berhad’s (Minetech) subsidiary Minetech Construction Sdn Bhd (MCSB) has successfully extended the contract valued at estimated RM230 million for waste removal, ore delivery, and associated works for the Selinsing Gold Mine Project.
In a statement, civil engineering specialist, bituminous products manufacturer as well as an emerging solar player said the contract was renewed by Able Return Sdn Bhd and Damar Consolidated Exploration Sdn Bhd.
This renewal extends the partnership for an additional 36 months, starting from 1 January 2024 to 31 December 2026.
Minetech executive chairman Abang Abdillah Izzarim expressed his enthusiasm about the extension saying the contract with Able Return and Damar Consolidated is a significant milestone for Minetech.
“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,” said Abang Abdillah.
Nestled in Malaysia’s Central Gold Belt, the Selinsing Gold Mine spans 150.3 sq km, 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.
Minetech said it is important to note that the Selinsing Gold Mine’s operations and the extended contract align with its 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,” it added.
As at Jan 31, at 5.30pm, the share price of Minetech closed at RM0.145, signifying a market capitalisation of RM258.7 million.
