Wednesday, December 7, 2011

Sanichi to venture into mineral mining, supply biz

KUALA LUMPUR (Dec 7): SANICHI TECHNOLOGY [] BHD [], a precision-mould maker, is venturing into the minerals mining and supply business via a collaboration with FIRC Trade (Malaysia) Sdn Bhd.

Sanichi said on Wednesday that FIRC was principally involved in the mining industry as contract owners and joint venture partners with several producing iron ore and coal mines in Malaysia and Indonesia.

It said FIRC was also involved in the trading and supply of various iron ore and coal products.

Sanichi said under that the collaboration, FIRC would provide technical expertise and engineering support to Sanichi, while the group will co-brand with FIRC for the purposes of marketing and business development.

It said the operations would commence by Jan 2, 2012 and will continue to be in force for a minimum period of five years.

Sanichi said it would finance the business activities of the alliance via internally generated funds.

It said the business was expected to contribute positively to its future earnings.

Meanwhile, Sanichi said it had also secured at least three million metric tonnes of coal supply a year from Indonesia's CV Permata Zahra.

In a separate filing on Wednesday, Sanichi said that under a collaboration agreement, it would market and distribute the coal supplied by Permata.

The contract is for a period of two years beginning Dec 6, it said.

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