Damansara Realty Bhd in Malaysia to commence bauxite mining project work in Kuantan, Pahang
Damansara Realty Bhd (DBhd) said in a statement that its subsidiary has engaged into a term sheet agreement with YHS Resources Sdn Bhd to commence work on a bauxite mining project in Kuantan, Pahang.
The proposed mining activity will be carried out on four plots of land measuring a total of 145 hectares that belongs to Damansara Realty (Pahang) Sdn Bhd (DRP).
YHS Resources Sdn Bhd is involved in the business of bauxite mining.
As per DBhd statement: "The Term Sheet is also not expected to have any material effect on the earnings per share, net assets and gearing of DBhd for the financial year ending 31st December’20 as the bauxite mining operation is only expected to commence operation in 2021.”
"However, the Term Sheet is expected to contribute positively to the earnings of DBhd Group during the duration of the Definitive Contract period beginning the financial year 2021, when the bauxite mining operation starts operation," it added.
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