SINGAPORE - Anchor Resources, a gold mining group, lodged its preliminary offer document for an initial public offering (IPO) on the Catalist board of Singapore Exchange on Monday.
Headquartered in Malaysia, the group is engaged in the business of exploration, mining, processing and production of gold, and the processing of ore into gold for sale in Malaysia.
Anchor Resources has concession rights to the Lubuk Mandi Mine (LMM) and the Bukit Panji Property (BPP) located in Terengganu, on the eastern gold belt of the Malaysian Peninsula, it said in a statement.
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 said it is in the process of renewing the proprietary mining licence for BPP and will commence exploration works upon such renewal.
According to an independent valuation report prepared by AMC, the hard rock and tailings mineral assets of the LMM are valued within the range of US$16.1 million (S$22.6 million) and US$22.2 million, with the preferred value at US$19.2 million.
Currently, the group conducts processing of tailings for its sale of gold. This requires lower capital expenditure, Anchor said. It has recorded sales of approximately 111.1 ounces (3.14 kgs) of gold amounting to approximately RM530,000 (S$173,000) between July and November 2015.
UOB Kay Hian Private Limited is the sponsor, issue manager and placement agent for the IPO.