Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Asia’s leading multi-asset exchange

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Equity Bottom-Up

CNMC Goldmine Holdings / Equity Bottom-Up

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
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<ul>
<li>
SGX’s three gold mining plays – CNMC Goldmine, Wilton Resources and Anchor Resources – are in different stages of the gold exploration, development and production cycle. 
	 </li>
	<li>
The 1H2020 performances of the trio were impacted by COVID-19 lockdowns and travel restrictions, which curtailed operations. CNMC swung to a 1H2020 net loss from a year-earlier net profit, but both Wilton and Anchor narrowed their net losses in 1H2020 YoY. 
	 </li>
	<li>Gold has been on a general uptrend over the past few years, but COVID-19 has made the precious metals’ relevance as a hedge even more apparent, and accelerated its price performance. Bullion prices have jumped 17% over 1H2020, and gained an additional 10% in July. It surged to a fresh record, past the US$2,000/oz mark in early August.</li>
</ul>
 

SGX’s three gold mining plays – CNMC Goldmine, Wilton Resources and Anchor Resources – are in different stages of the gold exploration, development and production cycle.

 

<ul>
<li>
<a href="http://www.cnmc.com.hk/">CNMC Goldmine</a> is engaged in the business of exploration, mining of gold and the processing of mined ore into gold dores.

	<ul>
<li>The Group is currently focusing on the development of its flagship project – the Sokor Gold Field Project located in the State of Kelantan, Malaysia. The Group achieved its first gold pour on July 21, 2010. The Sokor Gold Field Project covers an area of 10km with 5 identified gold deposits namely, Manson's Lode, New Discovery, New Found, Sg Ketubong and Rixen.</li>
		<li>As at 31 December 2019, the total Measured, Indicated and Inferred gold mineral resources at Sokor (above a 0.17 g/t gold cut-off grade at Rixen and for oxide rock at Ketubong, New Discovery and New Found and above a 0.5 g/t gold cut-off grade at Manson’s Lode and for transitional and fresh rock at Ketubong, New Discovery and New Found) amounted to 16,320 kt at 1.7 g/t gold for 900,000 ounces of contained gold (inclusive of material used to define Ore Reserves).</li>
	</ul>
</li>
</ul>
 

<ul>
<li>
<a href="https://wilton.sg/">Wilton Resources</a> is engaged in the exploration and mining of gold, and production of gold dore in Indonesia, a major gold producing country.

	<ul>
<li>Rich in ore reserves and mineral resources, the Group’s Ciemas Gold Project, covering a total area of 3,078.5 hectares, is located in West Java, Indonesia.</li>
		<li> In the latest Independent Qualified Person’s Report (IQPR), it is estimated that the Ciemas Gold Project contains approximately 3,260 kt of ore reserves with an average grade of approximately 7.7 g/t of gold.</li>
		<li>In terms of mineral resources, it is estimated that the Ciemas Gold Project has approximately 3,415 kt of measured and indicated mineral resources and 2,559 kt of inferred mineral resources, with an average grade of approximately 8.6 g/t and 6.5 g/t of gold respectively.</li>
		<li>Besides seeking to develop gold deposits, the Group is exploring the potential of other mineralised areas of the Ciemas Gold Project to build sustainable value for its stakeholders.</li>
	</ul>
</li>
</ul>
 

<ul>
<li>
<a href="https://www.angkaalam.com/">Anchor Resources</a>, together with its Malaysia subsidiaries, Angka Alamjaya Sdn Bhd (AASB), Angka Mining Sdn Bhd, Angka Marketing Pte Ltd and GGTM Sdn Bhd, are involved in the operations of gold mining and stone quarrying in Terengganu, Malaysia.

	<ul>
<li>Its focus is on mining and production of gold at The Lubuk Mandi Mine and its processing facilities utilise the gold treatment and extraction method of flotation to produce gold from tailings material with gold recoveries.</li>
		<li>In the dimension stone business sector, it has been granted a Dimension Stone Concession by Perbadanan Memajukan Iktisad Negeri Terengganu (PMINT) to extract dimension stone granite within a concession of 800 acres in Hulu Terengganu.</li>
	</ul>
</li>
</ul>
 

While gold stocks have a high correlation to physical gold, they are typically considered leveraged plays on the metal. In addition to bullion prices, there are also many other factors – such as corporate activity, currency, gold discovery, earnings power, operating efficiencies – that impact the price of gold stocks. 
Mining companies may also often take up to 10 years or longer to develop their mining projects and bring them to production. While there are no upstream gold mining activities in Singapore, the city-state is home to downstream international gold refineries and bullion product manufacturing plants, with significant storage capacity through Singapore Freeport. 
Gold has been on a general uptrend over the past few years, but COVID-19 has made the precious metals’ relevance as a hedge even more apparent, and accelerated its price performance. Bullion has always been recognised as a haven asset – one that gives investors protection and security during uncertain times. It also plays an important role in portfolio diversification. 
Gold prices have jumped 17% over the first half of 2020, and gained an additional 10% in July. It surged to a fresh record, past the US$2,000/oz mark in early August, according to data from the <a href="gold.org">World Gold Council</a> (WGC). CNMC Goldmine

<ul>
<li>In 1H2020, CNMC reported an attributable loss of US$0.90 million as revenue fell by nearly half from the same period last year to US$10.5 million, hit by an unrealised US$0.67 million foreign exchange loss stemming from the Malaysian ringgit’s depreciation against the US dollar in 1H2020</li>
	<li>Lower grade ore and a lull of seven consecutive weeks dented revenue, even though the Group fetched a higher average selling price of US$1,682.92/oz for its gold bars, compared to US$1,304.66 in 1H2019</li>
	<li>CNMC could not carry out any mining work between 18 March and 5 May as Malaysia had imposed a nationwide Movement Control Order (MCO) in an attempt to curb the Covid-19 outbreak</li>
</ul>
<table class="table table-striped"><tbody>
<tr>
<td>
			CNMC GOLDMINE (US$ '000)
			</td>
			<td>
			1H2020
			</td>
			<td>
			1H2019
			</td>
			<td>
			YoY Chg (%)
			</td>
		</tr>
<tr>
<td>
			Revenue
			</td>
			<td>
			10,471
			</td>
			<td>
			20,383
			</td>
			<td>
			-48.6
			</td>
		</tr>
<tr>
<td>
			EBITDA
			</td>
			<td>
			940.0
			</td>
			<td>
			6,445
			</td>
			<td>
			-85.4
			</td>
		</tr>
<tr>
<td>
			Profit/Loss attributable to owners
			</td>
			<td>
			-903.2
			</td>
			<td>
			2,213
			</td>
			<td>
			NM
			</td>
		</tr>
</tbody></table>
 Wilton Resources

<ul>
<li>For 1H2020, Wilton sold a total of 3.1 kg of gold dore at an average price approximately US$ 1,662/oz of gold, and reported reported revenue of Rp 2.5 billion, as compared to nil in the previous period</li>
	<li>Gross profit for the period was Rp 0.6 billion, compared to nil in the previous period</li>
</ul>
<table class="table table-striped"><tbody>
<tr>
<td>
			WILTON RESOURCES (Rp mln)
			</td>
			<td>
			1H2020
			</td>
			<td>
			1H2019
			</td>
			<td>
			YoY Chg (%)
			</td>
		</tr>
<tr>
<td>
			Revenue
			</td>
			<td>
			2,498
			</td>
			<td>
			0
			</td>
			<td>
			NM
			</td>
		</tr>
<tr>
<td>
			Gross profit
			</td>
			<td>
			643
			</td>
			<td>
			0
			</td>
			<td>
			NM
			</td>
		</tr>
<tr>
<td>
			Loss attributable to owners
			</td>
			<td>
			-136,745
			</td>
			<td>
			-175,984
			</td>
			<td>
			NM
			</td>
		</tr>
</tbody></table>
 

Anchor Resources

<ul>
<li>Anchor reported revenue of RM0.05 million in 1H2020, reflecting a decline of 97.5%, as AASB did not record any sales for semi-processed gold concentrated ore</li>
	<li>The tailing processing plant stopped operating due to scheduled maintenance and subsequently, the Malaysian government’s implementation of MCO due to the COVID-19 pandemic</li>
	<li>The Group incurred net loss of RM6.03 million in 1H2020, compared to a loss of RM7.29 million in the previous period</li>
</ul>
<table class="table table-striped"><tbody>
<tr>
<td>
			ANCHOR RESOURCES (RM '000)
			</td>
			<td>
			1H2020
			</td>
			<td>
			1H2019
			</td>
			<td>
			YoY Chg (%)
			</td>
		</tr>
<tr>
<td>
			Revenue
			</td>
			<td>
			49
			</td>
			<td>
			1,955
			</td>
			<td>
			-97.5
			</td>
		</tr>
<tr>
<td>
			Loss for the financial period
			</td>
			<td>
			-6,032
			</td>
			<td>
			-7,290
			</td>
			<td>
			NM
			</td>
		</tr>
</tbody></table>
 

Outlook

CNMC Goldmine

<ul>
<li>With both China and Malaysia imposing travel restrictions to contain the virus, almost all of CNMC’s underground mining workers have not been able to return after travelling to Hubei province early this year for Chinese New Year holidays</li>
	<li>The official greenlight was given for some of them to fly back recently; upon arrival in Malaysia in the coming weeks, they will have to be quarantined for 14 days before they can travel to the Sokor gold project in Kelantan</li>
	<li>Underground mining is one of the Group’s growth engines going forward given its potential to yield high-grade gold ore</li>
	<li>Open-pit mining currently accounts for all of its gold output
	<ul>
<li>The immediate focus for its open-pit operation at Sokor is a particular near surface zone it recently discovered that contains higher quality gold ore</li>
	</ul>
</li>
	<li>Beyond gold, CNMC intends to produce feldspar on its own after its existing production agreement with a third-party contractor expires this year
	<ul>
<li>Doing so in-house is expected to yield higher profit margins over the long term</li>
		<li>Feldspar is a mineral used for making glass and ceramics</li>
	</ul>
</li>
	<li>We hope to ramp up gold production in the near term even as we push ahead with plans to monetise other minerals including silver, lead and zinc</li>
	<li>Barring unforeseen circumstances, the Group is counting on these growth strategies to bolster its fortunes in the months ahead</li>
</ul>
 Click <a href="https://links.sgx.com/1.0.0/corporate-announcements/7RLIXFUDDJQ5QHV5/1H2020_PressRelease.pdf">here</a> for full results release.

 

Wilton Resources

<ul>
<li>The Group is working on completing the installation of the processing equipment and components for the 500-tonne processing facility
	<ul>
<li>The travel restrictions between China and Indonesia due to COVID-19 have delayed its Chinese contractor’s return to Indonesia to continue construction of the processing facility</li>
		<li>Work on site have also been affected and delayed due to the various measures by government to curb spread of COVID-19</li>
		<li>Wilton is exploring fund-raising options to finance the final stages of the infrastructure, civil works and other supporting infrastructure for the processing facility</li>
		<li>Gold production will commence upon completion of the facility</li>
	</ul>
</li>
	<li>Volatility of the US dollar-Indonesian rupiah exchange rate will continue to have an impact on the Group’s financial results</li>
	<li>On 6 March 2020, Wilton announced it will change its financial year end from 30 June to 31 December
	<ul>
<li>This announcement is in relation to the financial results for the six-month period ended 30 June 2020</li>
		<li>Financial results for the year ending 31 December 2020 will cover 18 months and will be released on or before 1 March 2021</li>
	</ul>
</li>
</ul>
 Click <a href="https://links.sgx.com/1.0.0/corporate-announcements/8B6UO8SBXJTN1SS4/Wilton_HY2020%20Results%20Announcement.pdf">here</a> for full results release.

 

Anchor Resources

<ul>
<li>Anchor has entered into a deed of settlement with the holders of the Group’s Non-Guaranteed Bond I, Non-Guaranteed Bond II and Exchangeable Bond through the issuance of up to 249,200,000 new shares in the capital of the company and disposal of Angka Alamjaya Sdn Bhd (AASB), which is its subsidiary involved in gold mining</li>
	<li>An extraordinary general meeting will be convened to seek the approval of the shareholders for the proposed settlement</li>
</ul>
Lubuk Mandi Gold Mine

<ul>
<li>The Group planned to transfer AASB’s shares to a group of bondholders as settlement of the amount outstanding under the respective bonds</li>
	<li>It has also decided to dispose of its balance shareholding in AASB for a consideration of S$645,000, and exit the gold mining business</li>
	<li>It will continue to manage the AASB gold mining business on a transition period for a service fee of 4.5% on AASB’s revenue for one year, starting from the completion date of the bonds’ settlement</li>
</ul>
 Bukit Chetai Granite Mine

<ul>
<li>Workers in GGTM’s contractor for the mining operations are still currently unable to return to Malaysia due COVID-19 travel restrictions imposed by government
	<ul>
<li>As such, there will be no material development at the Bukit Chetai granite mine until the workers return</li>
	</ul>
</li>
</ul>
East Coast Rail Link

<ul>
<li>The Package A of East Coast Rail Link (ECRL) is expected to commence in 2H2020, after an approval to start construction works was granted to Malaysia Rail Link Sdn Bhd, the project owner of ECRL, by the Malaysian Land Public Transport Agency on 14 May 2020
	<ul>
<li>Anchor is working with the site owner and ECRL site manager to prepare for tenders for the project, as well as machinery and infrastructure to supply quarry aggregates of 20mm and ballast to the Pengkalan Berangan’s ECRL stations in Terengganu</li>
	</ul>
</li>
</ul>
Pulau Muara Besar Refinery

<ul>
<li>The timeline to supply the quarry aggregates to Brunei’s Pulau Muara Besar Refinery project was delayed due to COVID-19 as Brunei has imposed travel restrictions affecting workers from China at the project site
	<ul>
<li>Management will continue to communicate with SIVLI Sdn Bhd in Brunei on developments of the Pulau Muara Besar Refinery project 
		 </li>
	</ul>
</li>
</ul>
 Click <a href="https://links.sgx.com/1.0.0/corporate-announcements/RYIQXA7T0JOX3QNX/ARL%20-%20Draft%20Announcement%201HFY20%20Clean%20-final.pdf">here</a> for full results release.
</body></html>





SGX’s three gold mining plays – CNMC Goldmine, Wilton Resources and Anchor Resources – are in different stages of the gold exploration, development and production cycle.  
	 
	
The 1H2020 performances of the trio were impacted by COVID-19 lockdowns and travel restrictions, which curtailed operations. CNMC swung to a 1H2020 net loss from a year-earlier net profit, but both Wilton and Anchor narrowed their net losses in 1H2020 YoY. 
	 
	Gold has been on a general uptrend over the past few years, but COVID-19 has made the precious metals’ relevance as a hedge even more apparent, and accelerated its price performance. Bullion prices have jumped 17% over 1H2020, and gained an additional 10% in July. It surged to a fresh record, past the US$2,000/oz mark in early August.

 

SGX’s three gold mining plays – CNMC Goldmine, Wilton Resources and Anchor Resources – are in different stages of the gold exploration, development and production cycle.

 



CNMC Goldmine is engaged in the business of exploration, mining of gold and the processing of mined ore into gold dores.

	
The Group is currently focusing on the development of its flagship project – the Sokor Gold Field Project located in the State of Kelantan, Malaysia. The Group achieved its first gold pour on July 21, 2010. The Sokor Gold Field Project covers an area of 10km with 5 identified gold deposits namely, Manson's Lode, New Discovery, New Found, Sg Ketubong and Rixen.
		As at 31 December 2019, the total Measured, Indicated and Inferred gold mineral resources at Sokor (above a 0.17 g/t gold cut-off grade at Rixen and for oxide rock at Ketubong, New Discovery and New Found and above a 0.5 g/t gold cut-off grade at Manson’s Lode and for transitional and fresh rock at Ketubong, New Discovery and New Found) amounted to 16,320 kt at 1.7 g/t gold for 900,000 ounces of contained gold (inclusive of material used to define Ore Reserves).
	


 



Wilton Resources is engaged in the exploration and mining of gold, and production of gold dore in Indonesia, a major gold producing country.

	
Rich in ore reserves and mineral resources, the Group’s Ciemas Gold Project, covering a total area of 3,078.5 hectares, is located in West Java, Indonesia.
		 In the latest Independent Qualified Person’s Report (IQPR), it is estimated that the Ciemas Gold Project contains approximately 3,260 kt of ore reserves with an average grade of approximately 7.7 g/t of gold.
		In terms of mineral resources, it is estimated that the Ciemas Gold Project has approximately 3,415 kt of measured and indicated mineral resources and 2,559 kt of inferred mineral resources, with an average grade of approximately 8.6 g/t and 6.5 g/t of gold respectively.
		Besides seeking to develop gold deposits, the Group is exploring the potential of other mineralised areas of the Ciemas Gold Project to build sustainable value for its stakeholders.
	


 



Anchor Resources, together with its Malaysia subsidiaries, Angka Alamjaya Sdn Bhd (AASB), Angka Mining Sdn Bhd, Angka Marketing Pte Ltd and GGTM Sdn Bhd, are involved in the operations of gold mining and stone quarrying in Terengganu, Malaysia.

	
Its focus is on mining and production of gold at The Lubuk Mandi Mine and its processing facilities utilise the gold treatment and extraction method of flotation to produce gold from tailings material with gold recoveries.
		In the dimension stone business sector, it has been granted a Dimension Stone Concession by Perbadanan Memajukan Iktisad Negeri Terengganu (PMINT) to extract dimension stone granite within a concession of 800 acres in Hulu Terengganu.
	


 

While gold stocks have a high correlation to physical gold, they are typically considered leveraged plays on the metal. In addition to bullion prices, there are also many other factors – such as corporate activity, currency, gold discovery, earnings power, operating efficiencies – that impact the price of gold stocks.  
Mining companies may also often take up to 10 years or longer to develop their mining projects and bring them to production. While there are no upstream gold mining activities in Singapore, the city-state is home to downstream international gold refineries and bullion product manufacturing plants, with significant storage capacity through Singapore Freeport.  
Gold has been on a general uptrend over the past few years, but COVID-19 has made the precious metals’ relevance as a hedge even more apparent, and accelerated its price performance. Bullion has always been recognised as a haven asset – one that gives investors protection and security during uncertain times. It also plays an important role in portfolio diversification.  
Gold prices have jumped 17% over the first half of 2020, and gained an additional 10% in July. It surged to a fresh record, past the US$2,000/oz mark in early August, according to data from the World Gold Council (WGC).  CNMC Goldmine


In 1H2020, CNMC reported an attributable loss of US$0.90 million as revenue fell by nearly half from the same period last year to US$10.5 million, hit by an unrealised US$0.67 million foreign exchange loss stemming from the Malaysian ringgit’s depreciation against the US dollar in 1H2020
	Lower grade ore and a lull of seven consecutive weeks dented revenue, even though the Group fetched a higher average selling price of US$1,682.92/oz for its gold bars, compared to US$1,304.66 in 1H2019
	CNMC could not carry out any mining work between 18 March and 5 May as Malaysia had imposed a nationwide Movement Control Order (MCO) in an attempt to curb the Covid-19 outbreak




			CNMC GOLDMINE (US$ '000)
			
			
			1H2020
			
			
			1H2019
			
			
			YoY Chg (%)
			
		


			Revenue
			
			
			10,471
			
			
			20,383
			
			
			-48.6
			
		


			EBITDA
			
			
			940.0
			
			
			6,445
			
			
			-85.4
			
		


			Profit/Loss attributable to owners
			
			
			-903.2
			
			
			2,213
			
			
			NM
			
		

 Wilton Resources


For 1H2020, Wilton sold a total of 3.1 kg of gold dore at an average price approximately US$ 1,662/oz of gold, and reported reported revenue of Rp 2.5 billion, as compared to nil in the previous period
	Gross profit for the period was Rp 0.6 billion, compared to nil in the previous period




			WILTON RESOURCES (Rp mln)
			
			
			1H2020
			
			
			1H2019
			
			
			YoY Chg (%)
			
		


			Revenue
			
			
			2,498
			
			
			0
			
			
			NM
			
		


			Gross profit
			
			
			643
			
			
			0
			
			
			NM
			
		


			Loss attributable to owners
			
			
			-136,745
			
			
			-175,984
			
			
			NM
			
		

 

Anchor Resources


Anchor reported revenue of RM0.05 million in 1H2020, reflecting a decline of 97.5%, as AASB did not record any sales for semi-processed gold concentrated ore
	The tailing processing plant stopped operating due to scheduled maintenance and subsequently, the Malaysian government’s implementation of MCO due to the COVID-19 pandemic
	The Group incurred net loss of RM6.03 million in 1H2020, compared to a loss of RM7.29 million in the previous period




			ANCHOR RESOURCES (RM '000)
			
			
			1H2020
			
			
			1H2019
			
			
			YoY Chg (%)
			
		


			Revenue
			
			
			49
			
			
			1,955
			
			
			-97.5
			
		


			Loss for the financial period
			
			
			-6,032
			
			
			-7,290
			
			
			NM
			
		

 

Outlook

CNMC Goldmine


With both China and Malaysia imposing travel restrictions to contain the virus, almost all of CNMC’s underground mining workers have not been able to return after travelling to Hubei province early this year for Chinese New Year holidays
	The official greenlight was given for some of them to fly back recently; upon arrival in Malaysia in the coming weeks, they will have to be quarantined for 14 days before they can travel to the Sokor gold project in Kelantan
	Underground mining is one of the Group’s growth engines going forward given its potential to yield high-grade gold ore
	Open-pit mining currently accounts for all of its gold output
	
The immediate focus for its open-pit operation at Sokor is a particular near surface zone it recently discovered that contains higher quality gold ore
	

	Beyond gold, CNMC intends to produce feldspar on its own after its existing production agreement with a third-party contractor expires this year
	
Doing so in-house is expected to yield higher profit margins over the long term
		Feldspar is a mineral used for making glass and ceramics
	

	We hope to ramp up gold production in the near term even as we push ahead with plans to monetise other minerals including silver, lead and zinc
	Barring unforeseen circumstances, the Group is counting on these growth strategies to bolster its fortunes in the months ahead

 Click here for full results release.

 

Wilton Resources


The Group is working on completing the installation of the processing equipment and components for the 500-tonne processing facility
	
The travel restrictions between China and Indonesia due to COVID-19 have delayed its Chinese contractor’s return to Indonesia to continue construction of the processing facility
		Work on site have also been affected and delayed due to the various measures by government to curb spread of COVID-19
		Wilton is exploring fund-raising options to finance the final stages of the infrastructure, civil works and other supporting infrastructure for the processing facility
		Gold production will commence upon completion of the facility
	

	Volatility of the US dollar-Indonesian rupiah exchange rate will continue to have an impact on the Group’s financial results
	On 6 March 2020, Wilton announced it will change its financial year end from 30 June to 31 December
	
This announcement is in relation to the financial results for the six-month period ended 30 June 2020
		Financial results for the year ending 31 December 2020 will cover 18 months and will be released on or before 1 March 2021
	


 Click here for full results release.

 

Anchor Resources


Anchor has entered into a deed of settlement with the holders of the Group’s Non-Guaranteed Bond I, Non-Guaranteed Bond II and Exchangeable Bond through the issuance of up to 249,200,000 new shares in the capital of the company and disposal of Angka Alamjaya Sdn Bhd (AASB), which is its subsidiary involved in gold mining
	An extraordinary general meeting will be convened to seek the approval of the shareholders for the proposed settlement

Lubuk Mandi Gold Mine


The Group planned to transfer AASB’s shares to a group of bondholders as settlement of the amount outstanding under the respective bonds
	It has also decided to dispose of its balance shareholding in AASB for a consideration of S$645,000, and exit the gold mining business
	It will continue to manage the AASB gold mining business on a transition period for a service fee of 4.5% on AASB’s revenue for one year, starting from the completion date of the bonds’ settlement

 Bukit Chetai Granite Mine


Workers in GGTM’s contractor for the mining operations are still currently unable to return to Malaysia due COVID-19 travel restrictions imposed by government
	
As such, there will be no material development at the Bukit Chetai granite mine until the workers return
	


East Coast Rail Link


The Package A of East Coast Rail Link (ECRL) is expected to commence in 2H2020, after an approval to start construction works was granted to Malaysia Rail Link Sdn Bhd, the project owner of ECRL, by the Malaysian Land Public Transport Agency on 14 May 2020
	
Anchor is working with the site owner and ECRL site manager to prepare for tenders for the project, as well as machinery and infrastructure to supply quarry aggregates of 20mm and ballast to the Pengkalan Berangan’s ECRL stations in Terengganu
	


Pulau Muara Besar Refinery


The timeline to supply the quarry aggregates to Brunei’s Pulau Muara Besar Refinery project was delayed due to COVID-19 as Brunei has imposed travel restrictions affecting workers from China at the project site
	
Management will continue to communicate with SIVLI Sdn Bhd in Brunei on developments of the Pulau Muara Besar Refinery project 
		 
	


 Click here for full results release.



SGX’s Three Gold Miners Report 1H2020 Earnings 