NAMI Corp. (the “Group”) marked a momentous development for river sand on 6 September 2019 when its wholly-owned subsidiary SBS Mining Corporation Malaysia Sdn Bhd (“SBS”) received the sole and exclusive rights to mine river sand from a 1.904 hectares or 4.7 acres plot of land in Kampung Tiram, a district of Kuala Kuantan, Kuantan, State of Pahang, Malaysia (the “Concession”). With the grant of the sole and exclusive rights of the mining Concession for river sand, the Group expands its current business to include river sand mining and trading.
The Group has since commenced its river sand mining operations on 1 October 2019, targeting to collect approximately 500 to 1,000 metric tonnes of river sand per day. Subsequently, the Group has on 15 October 2019 begun supplying river sand to domestic market. This is a positive business development for the Group’s river sand mining and trading activity.
Moving forward, the Group plans to continue acquiring strategic mining concessions to fulfil the demand for river sand. This decision is seen as a strategic step which is expected to significantly enhance the revenue stream of the Group.