Jade Marvel inks MoU to develop local mineral resource

by SHAFIQQUL ALIFF / pic source: jademarvel.com.my

JADE Marvel Group Bhd has inked a memorandum of understanding (MoU) with ShangDong Xinhai Mining Technology & Equipment Inc on processing engineering, procurement, construction and management and operation to explore opportunities in the local mineral resources sector in Malaysia including the possibility of building a benchmarking project for the general contracting of high-quality mineral processing. 

Jade Marvel’s MD Datuk David Khoo Yik Chou said the MoU with China-based ShangDong intends to establish a strategic alliance between the companies to explore the business opportunities in the area of mineral processing. 

He said the collaboration will create a big positive impact on the whole mining industry in the country and will further enhance the technicality and quality of minerals after adopting new technology and skills. 

“With the collaboration, we can bring high technology mining equipment and solutions to Malaysia and benefit all the mining players in the country. 

“I strongly believe it will create a strong positive energy and momentum to both of the companies to further work hard to bring greater growth and value from this collaboration,” he said in Petaling Jaya last Friday. 

Khoo added that the collaboration aims to establish a one-stop centre in Kuantan, Pahang, and will be in operations in six-to-nine months after the sign of the MoU, which will be complete with a showroom and laboratory, to showcase its potential to local mining players as well as to provide expertise. 

The scope of services targeted includes the consultancy services in management and operation of large-scale industry mines, as well as building and training technical teams for clients and setting up of mineral processing laboratory after the MoU, he said.

Jade Marvel’s business development director Datuk Mohamad Nazri Ab Rahman, said Malaysia’s minerals include gold, tin and other valuable minerals, but the local mining sector needs huge investments, which means not many medium-sized companies are unable to venture due to capital and expertise constraints. 

“The failure of previous mining companies is mainly due to lack of experience and expertise and this has led to the industry being labelled as an insignificant industry to venture into. 

“The initiative by Jade Marvel was done after identifying and consolidating all needs under one roof — a one-stop centre including capital injection to existing mining concession companies which is expected to boost the country’s economic growth and create more mining companies in our country,” he said. 

Jade Marvel shares closed half a sen lower at 68 sen last Friday, valuing it at RM219 million. 

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