28 minutes
PETALING JAYA: The Perak state government has approved the issuance of new mining leases to Malaysia Smelting Corp Bhd (MSC), which will run till November 2034.
MSC told Bursa Malaysia that its wholly owned subsidiary Rahman Hydraulic Tin Sdn Bhd had received the approval for the new mining leases for several parcels of land spanning more than 700 hectares in Klian Intan, Perak.
The new mining leases will replace the ones cancelled previously for a period of up to Nov 11, 2034.
“This represents an additional four years from previous mining leases which were expiring on Sept 28, 2030.”
MSC CEO Patrick Yong commented that the mining leases are expected to strengthen the group’s future earnings and raise its mining output and overall productivity.
“These newly-granted leases also stand as a testament to the long-term value we bring to Perak and its constituents. It enables us to continue to contribute to the development of the environment and social wellbeing of the surrounding communities of where we operate, in line with our sustainability agenda.”
The tin-mining division is a major earnings contributor for MSC, accounting for 76% of the group’s FY18 profit before tax.
