Maxwell explores mining business in Philippines

PETALING JAYA: Maxwell International Holdings Bhd, a Practice Note (PN 17) company, has entered into a memorandum of understanding (MOU) with Global Mining and Agricultural Ventures Corp to jointly undertake mining activity in the Philippines, as part of the group's business regularisation plan.

Global Mining, a company incorporated in the Philippines, is the holder of the operation agreement of mineral mining in the Global Mines with Sibuyan Nickel Properties Development Corp, which holds the leases/rights for mining, extraction and process of nickel ores on two parcels of land with total area of about 1,580 hectares on the Sibuyan Island, Romblon, Philippines.

The estimated resources per nickel content (1%) are about 19 million metric tonne. The development right is for 25 years, expiring in 2035.

Maxwell said the MOU provides the group with an opportunity to venture into a new sustainable and profitable business, which is expected to help upllift it from its PN17 status.

"It would also provide the shareholders of the company an opportunity to participate in a sustainable and profitable mining business in the future," it added.The MOU is valid for a three-month period.

Maxwell shares closed unchanged at 1.5 sen Tuesday, on some 346,600 shares done, giving it a market capitalisation of RM6 million.