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KUALA LU MPUR: Yong Tai Bhd, a property developer, has entered into a deal to undertake a gold mining project on a 100 hectares site in Lipis, Pahang.
"YTB believes the Group’s venture into mining business is in the best interests of the Company and its shareholders because of the diversification of revenue stream through the sale proceeds arising from all gold, rock materials and other minerals extracted from the Land in light of the Covid-19 pandemic which has soften the performance of the real property and tourism market," it said.
The company, in a filing with Bursa Malaysia today, said it has entered into a mining agreement with Tengku Fahad Mua’adzam Shah ibni Almarhum Sultan Haji Ahmad Shah Al-Musta’in Billah and Amazing Logic Sdn to appoint YTB Land Sdn Bhd as the sole and exclusive mining operator to perform and undertake the exploration and exploitation works on an area covering 100 hectares (247.11 acres) located at Bukit Kenderak, Hulu Jelai, Daerah Lipis, Pahang.
"The Mining Agreement has been entered into, to enable the Parties to set out the principal terms and conditions in relation to the development and operation of mines and related infrastructure on the Land and the undertaking of the Exploration and Exploitation Works by YTB Land," it said.
Tengku Fahad is the registered holder of the mining lease, expiring on May 11, 2025 or until the gold deposits are exhausted.