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ANCHOR Resources has terminated its cooperation agreement with Sinomine Resource Exploration Co, which it previously engaged to carry out hard rock gold mining, processing and smelting works at its Lubuk Mandi mine.
In the mutually agreed decision, both parties agreed that Anchor Resources will pay Sinomine an oustanding amount of US$306,487.53 and a penalty of US$30,648.75 for drilling work that Sinomine had undertaken which fell outside the scope of the cooperation agreement. These will be paid through the allotment and issue of new shares in Anchor Resources, so as to preserve the group's cash reserves, it said.
Anchor said that it has on the same day entered into a mining agreement with Great Aims Resources Sdn Bhd (GAR), which will carry out gold mineral mining works on an exclusive basis. Revenue generated from the sale of gold will be distributed between GAR and Anchor Resources on a 65:35 basis, said Anchor.
GAR will also pay to Anchor monthly payments representing GAR's 65 per cent share of total tributes and royalties, with the minimum contribution being RM80,000 (S$25,689) a month.