General Announcement::ISSUANCE OF NEW MINING LEASES IN PERAK, MALAYSIA FOR TOTAL AREA OF APPROXIMATELY 701.026 HECTARES
Issuer & Securities
MALAYSIA SMELTING CORP BHD 100
MALAYSIA SMELTING CORP BHD - MYL5916OO001 - NPW
Date &Time of Broadcast
Announcement Sub Title
ISSUANCE OF NEW MINING LEASES IN PERAK, MALAYSIA FOR TOTAL AREA OF APPROXIMATELY 701.026 HECTARES
Submitted By (Co./ Ind. Name)
WONG YOUN KIM
Description (Please provide a detailed description of the event in the box below)
The Board of Directors of Malaysia Smelting Corporation Berhad ("MSC") is pleased to announce that in line with the provisions under the State's Mineral Enactment (Perak) 2003 ("Enakmen Mineral (Perak) 2003"), the State Government of Perak has approved the issuance of New Mining Leases under Lot No. 6173 (ML095), Lot No. 7430 (ML096), Lot No. 6175 (ML097), Lot No. 6174 (ML098), Lot No. 2206 (ML099), Lot No. 55320 (ML100) and Lot No. 55310 (ML101) located at Klian Intan, Mukim Pengkalan Hulu, Daerah Hulu Perak, Perak Darul Ridzuan for a total area measuring approximately 701.026 hectares (collectively referred to as "New Mining Leases") to the Group's wholly owned subsidiary, Rahman Hydraulic Tin Sdn. Bhd. ("RHT"). The New Mining Leases bearing new ML numbers now have a common end period which enables easier production and rehabilitation planning, and these leases replace the old leases which are now cancelled.
These New Mining Leases are also for a longer period up to 11 November 2034 and will enable RHT to further increase its mining production levels over a longer mine life. We can expect an increase in future earnings of RHT and the Group. Apart from contributing additional revenue to the Perak State, the longer mine life is also expected to benefit the community and all other stakeholders under the principles and objectives of sustainable development.
This announcement is dated 19 November 2019.