Thursday, September 22, 2011

KYM ventures into iron ore mining in Aceh

KUALA LUMPUR: KYM HOLDINGS BHD [] is venturing into iron ore mining'' in Aceh with the mining concession holder with PT Samana Citra Agung.

KYM said on Thursday, Sept 22 that Samana Citra Agung granted its unit KYM Mineral Sdn Bhd the rights to mine, process and sell the products from the concession in the Aceh province, Sumatra covering 158 ha.

It said for a period of three months from the date of the memorandum of agreement, KYM Mineral would have the rights to conduct and complete a due diligence on the project.

However, if the due diligence was been completed after three months, and/or if the outcome of the study was not satisfactory in KYM Mineral's opinion, either party could terminate this agreement.

If KYM Mineral was satisfied with the due diligence, it would have the rights to set up a processing plant at or near the concession within six months.

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