Singapore-listed Anchor Resources' stock  is up 19% this morning to 2.5 cents on heavy volume after it announced positive business updates. The company is a Malaysian operator of gold mine and dimension stone granite quarry and architectural stone and interior fit-out service provider.



Granite Quarry Business Segment

LimChiauWoei8.18"We believe the demand for premium and long-lasting building materials such as dimension stone granite as well as granite aggregates is likely to grow in tandem with infrastructure developments in Southeast Asia and we are well positioned to capitalise on these opportunities."

-- Lim Chiau Woei (NextInsight photo),
MD of Anchor Resources.

On 15 August 2018, the Group secured a contract worth S$75 million to supply 3.6 million tonnes of granite aggregates to SIVLI Sdn Bhd over a four-year period.

Established in 1993, SIVLI is a leading engineering, procurement and construction solution provider in Brunei Darussalam with a track record of over 100 projects. These are chiefly in the areas of Mechanical & Electrical Engineering, Telecommunication, Civil and Structural works.

Notably, SIVLI has been involved in a number of mega projects in Brunei and has expanded its footprint in the ASEAN region.


Gold Mining Business Segment
Achor Resources is the first operator to obtain an underground mining license in Malaysia.

The development of decline, shaft facilities and associated infrastructure required for underground mining at the Lubuk Mandi Mine is progressing well.

The Group's contractor, Great Aims Resources Sdn Bhd, has completed approximately 210 metres of tunnel with an estimated vertical depth of 90 metres, and is now able to access the targeted lode.

GAR will now construct a horizontal working and storage area which will take about three months and target to commence hard rock production by December 2018.

Separately, in July 2018, the Group commenced gold production and exported 74 tonnes of semi-processed gold concentrated ore with an average grade of approximately 34 grams of gold per tonne.

AnchorResources goldmineAnchor Resources' goldmine: The Lubuk Mandi Mine is located at the Eastern gold belt in Peninsular Malaysia. Photo: Company

Stock price 

2.3 c

52-week range

1.8  – 8.2 c

PE (ttm)

--

Market cap

S$24 m

Shares outstanding

1.02 b

Dividend 
yield 
(ttm)

--

Source: Yahoo!

The Group is the first company in Malaysia to obtain export approvals for "semi-processed gold concentrated ore" from the Ministry of Natural Resources and Environment of Malaysia (Kementerian Sumber Asli Dan Alam Sekitar).

The Group secured an offtake agreement with Beijing Fuhaihua Import & Export Corp. Ltd. in January 2018 to supply 300 to 500 tonnes of "semi-processed gold concentrated ore" per month.

Mr Lim, who owns a 40.59% interest in Anchor Resources, said, "We have been steadfast in executing our business strategies and we are glad to achieve such encouraging results.

"Apart from gold exploration and mining activities, the Group has been working on the current processing plant to enable processing of in-situ mineralisation.

"We have performed testing and commissioning of the upgraded processing plant since 22 June 2018, we are now able to process approximately 22,000 tonnes of tailings materials per month or 12,000 tonnes of hard rock materials per month."

For more info, click on announcement here.

 

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