SAM is a producer of high-grade iron ore produced in Malaysia, and is listed on the Catalist Board of Singapore Exchange (SGX). It owns two other mines in Malaysia, an iron ore producing mine in Chaah, and a gold mine in Johor.
Southern Alliance Mining (SAM) (SGX:QNS
) signed a memorandum of understanding (MOU) to acquire two rare earth mines in Perak and Johor Bahru in Malaysia, just two weeks after it said it was in advanced talks to buy the mines.
The signing of the MOU gives SAM a 40% stake in MCRE Resources Sdn Bhd (MCRE), which operates an ion adsorption clay rare earth mine in Perak, and a 100% stake in Paramount Synergy Sdn Bhd (Paramount), which owns an ion adsorption clay rare earth mine in Johor but is still in the exploration mining phase.
