CNMC Goldmine to acquire Kelantan company for $0.8 mil

SINGAPORE (March 20): CNMC Goldmine Holdings is proposing to acquire a 100% stake in what would be its third mining asset in Malaysia, KelGold Mining, for RM2.5 million ($0.8 million) in cash.

Based in Kelantan, KelGold possesses rights to explore for iron ore and other minerals in an area spanning 15.5 sq km. The company is also in the process of getting its exploration licence renewed for the exploration of gold and other minerals on another site with an area of 8.7 sq km.

The group’s offer comes a month after it completed a transaction to acquire a majority 51% stake in Pulai Mining, which became a subsidiary of CNMC on Feb 24 this year. Pulai Mining is authorised to mine gold, iron ore and feldspar on about 38.4 sq km brownfield site in Kelantan.

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