Bursa Announcements
OTHERS DEVELOPMENT AT WHOLLY-OWNED SUBSIDIARY, RAHMAN HYDRAULIC TIN SDN BHD.: RENEWAL OF MINING LEASES OVER LOT NO. 6173 (ML004), LOT NO. 7430 (ML005), LOT NO. 6175 (ML006), LOT NO. 6147 (ML007) AND LOT NO. 2206 (ML008) FOR A TOTAL AREA OF APPROXIMATELY 600.996 HECTARES (COLLECTIVELY REFERRED TO AS CURRENT MINING LEASES) IN WILAYAH KLIAN INTAN, MUKIM PENGKALAN HULU, DAERAH HULU PERAK, STATE OF PERAK DARUL RIDZUAN.
MALAYSIA SMELTING CORPORATION BERHAD |
Type | Announcement |
Subject | OTHERS |
Description | DEVELOPMENT AT WHOLLY-OWNED SUBSIDIARY, RAHMAN HYDRAULIC TIN SDN BHD.: RENEWAL OF MINING LEASES OVER LOT NO. 6173 (ML004), LOT NO. 7430 (ML005), LOT NO. 6175 (ML006), LOT NO. 6147 (ML007) AND LOT NO. 2206 (ML008) FOR A TOTAL AREA OF APPROXIMATELY 600.996 HECTARES (COLLECTIVELY REFERRED TO AS CURRENT MINING LEASES) IN WILAYAH KLIAN INTAN, MUKIM PENGKALAN HULU, DAERAH HULU PERAK, STATE OF PERAK DARUL RIDZUAN. |
The Board of Directors of Malaysia Smelting Corporation Berhad (MSC) wishes to announce that in line with the prevailing provisions of the State’s Minerals Enactment (Perak) 2003 {Enakmen Mineral, (Perak) 2003}, (referred to as 2003 Enactment) the company’s wholly-owned subsidiary, Rahman Hydraulic Tin Sdn Bhd (RHT) has agreed to pay royalty to the State Government at a higher rate of 5% on sales of tin-in-concentrates from the current rate of 2.5% payable under the existing terms of the Current Mining Leases which were originally issued under the old Enactment which had subsequently been replaced by the 2003 Enactment. With this agreement to pay a higher royalty effective from March 2012, the Board is pleased that the State Government of Perak has approved the renewal of the Current Mining Leases for a longer period up to 28 September 2030 pursuant to the 2003 Enactment. The extension of the Current Mining Leases to 2030 will enable RHT to undertake the necessary additional investments to optimize its long term production level. This is expected to result in an increase in future earnings and thus, the overall valuation of RHT. Apart from contributing an additional revenue to the State from higher royalty, the longer mine life is also expected to benefit the community and all other stakeholders under the principles and objectives of sustainable development. This announcement is dated 26 March, 2012 By order of the Board, Sharifah Faridah Abdul Rasheed Company Secretary
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Announcement Info
Company Name | MALAYSIA SMELTING CORPORATION BERHAD |
Stock Name | MSC |
Date Announced | 26 Mar 2012 |
Category | General Announcement |
Reference No | MS-120326-65551 |