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Monday, March 17, 2014

Borneo Oil wins MMC Pahang gold mining contract (Edge)

Borneo Oil Bhd announced that its wholly-owned subsidiary Borneo Oil & Gas Corp Sdn Bhd (BOG), has been appointed by Chapmark Sdn Bhd (CSB) as a sub-contractor for gold mining in Pahang.

According to Borneo Oil's statement to the exchange today, BOG will carry out gold prospecting and mining on a 400 acre (about 160ha ) area in Mukim Batu Yon in Lipis district for five years.

Upon expiry, the contract is renewable for another five years, according to Borneo Oil.

Perbadanan Kemajuan Negeri Pahang had leased the mining area to MMC Corp Bhd which in turn contracted the area to CSB for mineral   prospecting and mining.

Borneo Oil said : “This sub-contract is expected to contribute positively to the future earnings and enhance the net assets of the group."

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