Company Briefs: ST Engineering

ST Engineering

Hyflux executive chairman and group chief executive Olivia Lum will retire from the board of Singapore Technologies Engineering (ST Engineering) with effect from April 20.

Ms Lum, 57, is stepping down as independent non-executive director due to business commitments, said ST Engineering.

She was appointed to the role in May 2014, and will not be seeking re-election at ST Engineering's annual general meeting on April 20.

Hyflux, which Ms Lum founded, has been weighed down by delays in asset sales and payments from customers. It reported a net loss of $116.4 million last year, owing to continued weak electricity prices across the Singapore power market.

The water treatment company has been planning to partially divest up to 70 per cent of its unprofitable Tuaspring water desalination and power plant, held on its books at a value of $1.3 billion.

CNMC Goldmine Holdings

CNMC Goldmine Holdings' share of gold resources in its flagship Sokor project in Malaysia increased 16 per cent after the latest independent assessment of the site, although the estimated resources are now more probable than proven compared with a year ago.

An independent assessment by Australia-based Optiro said that as of Dec 31, the project is believed to hold 724,000 ounces of measured, indicated and inferred gold, based on 13.86 million tonnes of ore and 1.6g of gold per tonne of ore.

CNMC's share of the gold resources is 586,000 ounces, a 16 per cent increase from the last assessment in 2016.

But measured gold resources attributable to CNMC decreased 5,000 ounces to 40,000 ounces. CNMC's share of indicated gold resources, which are less certain than measured estimates, increased 6,000 ounces to 228,000 ounces. Taken together, proven resources increased by 1,000 ounces to 268,000 ounces.

CNMC, a Singapore-listed gold miner, said it is ramping up production this year after five consecutive quarters of "dismal output due to low ore grades".

A version of this article appeared in the print edition of The Straits Times on March 23, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe