Bursa Announcements
OTHERS CLARIFICATION ON NEWSPAPER REPORTS IN INDONESIA CONCERNING EXTENSION OF CONTRACT OF WORK OF PT KOBA TIN
MALAYSIA SMELTING CORPORATION BERHAD |
Type | Announcement |
Subject | OTHERS |
Description | CLARIFICATION ON NEWSPAPER REPORTS IN INDONESIA CONCERNING EXTENSION OF CONTRACT OF WORK OF PT KOBA TIN |
It has come to the Company’s attention that there have been newspaper reports in Indonesia to the effect that PT Koba Tin’s Contract of Work (CoW) would not be extended. PT Koba Tin is MSC’s 75% owned subsidiary having a CoW with the Government of Republic of Indonesia for tin exploration, mining and smelting operations covering an area of 41,680 hectares in Bangka Island. The CoW is due to expire on 31 March, 2013. The Company wishes to state that PT Koba Tin has submitted the application for a 10-year extension of the CoW, but has to-date not received any official notification from the Ministry of Energy and Mineral Resources concerning the status of its application. As announced on 4 July 2012, in line with the Government of Indonesia’s policy and national aspirations for greater local participation and value-added in the mining industry, MSC will reduce its effective equity interest in PT Koba Tin to 30%, while the 70% interest will be held by Indonesian nationals. With close to 40 years of operation, PT Koba Tin has established comprehensive mining and smelting infrastructure and facilities, complemented by a very experienced workforce for long term sustainable operations. The Company would make announcements to the exchanges as and when there are further developments concerning this matter. This announcement is dated 13 July, 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 | 13 Jul 2012 |
Category | General Announcement |
Reference No | MS-120713-63412 |