KUALA LUMPUR: Borneo Oil Bhd’s unit, Borneo Oil and Gas Corporation Sdn Bhd (BOG), has disposed its entire stake of 304,000 shares, representing 95 per cent of its equity interest, in Jusra Mining Merapoh Sdn Bhd for RM10 million.
The principal activities of Jusra are the mining of minerals and related activities, including quarrying and processing of precious metals, ores and minerals.
“The disposal is part of BOG’s plan to streamline its mining to focus its resources on the hard rock mining operations in Bukit Ibam,” it said in a filing with Bursa Malaysia today.
BOG said metallurgy testing on the heap leach operations in the Bukit Ibam mine yielded positive results and it planned to start the heap leach mining process on a commercial scale after obtaining all necessary approvals from the authorities.
“The proceeds arising from the disposal provides additional funds for working capital,” it added.