CNMC in talks to acquire 51% stake in Kelantan miner Pulai Mining

SINGAPORE (June 28): CNMC Goldmine Holdings has signed a non-binding letter of intent to acquire a 51% stake in a Malaysian mineral miner Pulai Mining.

Pulai Mining owns exploration and mining licenses with a combined license area of 3,841.3 ha, in Kelantan. The licences include an exploration licences of 2,300ha, seven gold mine licences for 1,166.2 ha, two iron ore mining licences of 359.7ha, and a feldspar mining licence for 15.41ha.

Pulai Mining will issue new shares to CNMC for a total consideration of RM13.8 million ($4.6 million) which will be funded through internal resources.

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