13 JANUARY 2016www.thestar.com.my
Logistic firm says Pahang's temporary bauxite mining ban has no impact on them
Edited by : AL CIRCLE
1 min read
Information technology and logistics firm Asdion Bhd says that the three-month moratorium effective this Friday on bauxite mining activities in Pahang has no impact on its business.
In a filing with the stock exchange, the company said it had not begun the supply of bauxite to commodities trader Hong Kong International Mining Exchange Ltd (HKIM) to date.
Although Asdion received shareholders’ approval to start sourcing and supply of commodities business via its EGM on Nov 2, 2015, this was disrupted due to the monsoon season, which affected the quality of bauxite commodity required by HKIM.
It is reported that the three-month moratorium on all bauxite mining activities in Pahang was beneficial for producers in the longer term as greater regularisation would help increase efficiency and reduce environmental hazards, industry experts said.
The moratorium calls for a halt to bauxite mining activities to address concerns regarding the industry, including the lack of regulations as well as excessive extraction by unscrupulous operators.
Asdion shares increase 1.5 sen to close at 47.5 sen on Tuesday.
In a filing with the stock exchange, the company said it had not begun the supply of bauxite to commodities trader Hong Kong International Mining Exchange Ltd (HKIM) to date.
Although Asdion received shareholders’ approval to start sourcing and supply of commodities business via its EGM on Nov 2, 2015, this was disrupted due to the monsoon season, which affected the quality of bauxite commodity required by HKIM.
It is reported that the three-month moratorium on all bauxite mining activities in Pahang was beneficial for producers in the longer term as greater regularisation would help increase efficiency and reduce environmental hazards, industry experts said.
The moratorium calls for a halt to bauxite mining activities to address concerns regarding the industry, including the lack of regulations as well as excessive extraction by unscrupulous operators.
Asdion shares increase 1.5 sen to close at 47.5 sen on Tuesday.
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