JAG inks MoU with Empire Mining for bauxite mining
JAG Bhd has inked a Memorandum of Understanding (MoU) with Empire Mining Sdn Bhd to set out intentions and mutual understanding in connection with the possible joint venture. The parties will look at the possibility for JAG or its nominated subsidiary to enter into joint venture with Empire Mining to extract, process and produce bauxite in Pulau Langkawi, Kedah.
The parties have agreed to negotiate exclusively with each other during a period of three months from the date of the MOU and a further extension period of three months or such later date as may be agreed in writing.
JAG said the MOU is not expected to have any material effect on the consolidated earnings and EPS of JAG for the financial year ending 31 December 2019.
Empire Mining is principally involved in bauxite mining.
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