SINGAPORE (June 5): Malaysian gold miner Anchor Resources has on Friday entered into a heads of agreement (HOA) with Austral Mineral Berhad on the assignment of concession right at Bukit Machang Assets for an indicative purchase price of RM 10 million (S$3.3 million).
The agreement was signed by Anchor Resources’ wholly-owned subsidiary GGTM.
Austral is a Malaysian-incorporated mineral and mining company that does exploration, evaluation and acquiring mineral deposits in areas including quarry sites and gold mines.
Under the agreement, an earnest deposit of RM200,000, which makes up 2% of the agreement’s purchase price, will be deposited into a client’s account of a solicitor appointed by the parties for the entire exclusivity period. The exclusivity period covers either the date six months from the date of the HOA, the date that the definitive agreement is duly executed by the parties, or the date Austral gives notice in writing that it is not satisfied with the results of the due diligence exercise.
GGTM had on Sept 16, 2015, entered into an exclusive dimension stone granite concession work contract agreement with Perbadanan Memajukan Iktisad Negeri Terengganu, the statutory body established pursuant to the Terengganu State Economic Development Corporation Enactment 1965, to carry out any works in relation to quarrying operation, mining, production and sales of granite products and dimensional granite stone from the BM. The contract agreement will expire on Oct 26, 2029.
Anchor Resources closed flat at 0.6 cents on Friday.
