SGX-LISTED MINING FIRMS STOP OPERATIONS IN MALAYSIA DURING 14-DAY MCO

MASSITA AHMAD

SINGAPORE, March 19 (Bernama) – Singapore Exchange (SGX)-listed CNMC Goldmine Holdings Ltd has stopped all mining activities in Kelantan during the 14-day Movement Control Order (MCO) period in Malaysia.

It is one of at least three mining firms listed on SGX that have announced their adherence to the Malaysian government’s directives under the MCO which requires all businesses, government departments and private premises, except those providing essential services or receiving special government approval, to close for two weeks until the end of the month.

On its website, the company said it was assessing the impact of this development on its business and would continue to monitor the state of health of its workers in Kelantan.

CNMC said it had produced about 1,470 ounces of gold doré bars for the first 17 days of this month.

Gold doré bar is a crude gold, silver bullion, usually produced at the mine site which is then sent to a refiner where the silver and gold are parted and the gold is refined to commercial-grade gold bullion.

Another company, Fortress Minerals Ltd, said it had to cease its mining activities in Bukit Besi, Terengganu, throughout the restricted movement period.

At this stage, the group said, it was unable to quantify nor determine the extent of the financial impact of the MCO on the earnings per share and net asset value per share of the group for this financial year ending Feb 28, 2021.

Anchor Resources Ltd is taking the same stance, stopping all mining and quarrying activities in Lubuk Mandi gold mine and Bukit Chetai granite mine in Terengganu, respectively.

The group’s gold mining tailings operation in Lubuk Mandi is expected to resume on April 1, but subject to any extension on the order.

With regards to Lubuk Mandi’s underground mining operations and operations in Bukit Chetai, there is no material development as the workers and contractors from China have not returned to the project sites due to the COVID-19 travel restrictions.

Other listed companies here -- MSM International Ltd, Hatten Land Ltd, Spindex Industries Ltd, and Eindec Corp Ltd -- have also announced their decisions to stop temporarily their operations in Malaysia during the MCO period.

-- BERNAMA

 

TAGS: CNMC Goldmine, SGX, MCO, Mining, COVID-19