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Fortress Minerals unit fined RM40,000 in relation to mine accident
FORTRESS Mining, a unit of Catalist-listed Fortress Minerals, has been fined RM40,000 by a Malaysian court in relation to an accident at the subsidiary's Bukit Besi Mine.
In a bourse filing on Monday, Fortress Minerals said that the unit has paid the fine, which was imposed under Malaysia's Occupational Safety and Health Act.
On Sept 5, Fortress Minerals announced that it had received a summons dated Aug 21 from the Kuala Terengganu Session Court in Malaysia in relation to the accident, which had been disclosed in the firm's offer document in March.
The penalty is not expected to impact Fortress Minerals' earnings per share or net tangible assets per share for the current financial year ending February 2020.
Shares of Fortress Minerals closed flat at S$0.22 on Monday.