On 10 January 2019, NAMI Corp., via its wholly-owned subsidiary SBS Mining Corporation Sdn Bhd (“SBS”), in a joint venture with JHW Holdings Sdn Bhd, a private limited company incorporated in Malaysia (“JHW”; and together with SBS and NAMI Corp., the “Group”) received a sea sand mining licence from the Ministry of Water, Land and Natural Resources (Kementerian Air, Tanah dan Sumber Asli). This mining licence is in full force and effect for 3 years until 9 January 2022.
With the approval of the mining licence, the Group is expected to begin its sea sand mining operation in the 1st half of 2019.
Prior to receiving the sea sand mining licence, the Group had initiated a conscientious process in the preparation of Environmental Impact Assessment (“EIA”) report. It had been conducted on an area of 20.57km² located at the coastline of state of Terengganu, Malaysia with the necessary quantitative and qualitative studies of sand resources, hydro-graphic measurement and hydraulic study of computerised models. The full EIA report was a regulatory requirement to ensure mining activities are carried out responsibly as to keep in balance with wildlife and ecosystem within the vicinity of the mining area.
The EIA approval by various authorities as shown in the timeline above signifies the Group’s commitment towards the socio-environment and stringent requirements by all regulatory bodies.