Anchor Resources lodges offer document for IPO on Catalist board

MALAYSIAN gold mining company, Anchor Resources Limited, lodged its preliminary offer document for an initial public offering on the Singapore Exchange Catalodge, which is for Catalist listings, on Monday.

Anchor Resources is engaged in the business of exploration, mining, processing and production of gold, and the processing of ore into gold for sale in Malaysia.

It has concession rights to the Lubuk Mandi Mine (LMM) and the Bukit Panji Property (BPP) located in Terengganu, Malaysia. LMM comprises two mining leases covering an aggregate area of approximately 221.53 hectares, while BPP covers an area of approximately 53.53 hectares. Anchor Resources is in the process of renewing the proprietary mining licence for BPP and will commence exploration works upon such renewal.

According to an independent qualified person's report prepared by AMC Consultants, as at Sept 30, the hard rock and tailings mineral assets of the LMM are valued within the range of US$16.1 million and US$22.2 million, with the preferred value at US$19.2 million.