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high quality apple developer account:A ‘golden’ opportunity for Yong Tai

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,Yong Tai CEO Datuk Wira Boo Kuang Loon

SINCE the outbreak of the Covid-19 pandemic, there has been a string of companies that have diversified to weather its effects.

Riding on the Covid-19 play, many of the investments have been in manufacturing or the distribution of gloves, sanitisers and other health-related ventures.

But for property developer Yong Tai Bhd, things have literally turned to gold.

The Melaka-based group has entered into a deal to undertake a gold mining project on a 100ha site in Bukit Kenderak in Pahang’s Lipis district.

For this, its subsidiary YTB Land Sdn Bhd has signed an agreement with the registered holder of the mining lease of the land, Tengku Fahad Mua’adzam Shah ibni Almarhum Sultan Haji Ahmad Shah Al-Musta’in Billah, and Amazing Logic Sdn Bhd.

The mining agreement is valid until May 11,2025 for the initial term and the group could apply for an extension of the mining lease for an additional period of five years if the gold deposits in the land are not exhausted.

News of Yong Tai’s plan to dig up and sell gold caught investors’ attention. It was one of the most actively traded stocks yesterday with 67.8 million shares being done.

It ended the day one sen up to 26.5 sen, giving the stock a market cap of RM334mil.

An analyst says the hunt for the precious metal can be a long and complex process, especially where greenfields are concerned. Also, mines don’t always produce as much gold as expected.

However, Yong Tai’s chief executive officer Datuk Wira Boo Kuang Loon sees hope in the diversification.

“This is a brownfield project with proven gold mines, which has been in operation for the past five years – so it’s a viable option offering a faster return at a lower cost as we can use the existing infrastructure in place, ” he tells StarBizWeek.According to him, the opportunity to expand into this field came about as a result of the good relationship the company has built with Tengku Fahad, who is also a joint-venture partner in the company’s maiden residential project in Kuala Lumpur called Impression U-Thant.

Although the site has a proven record, the next step would be to get a geologist to do a survey of the area to identify where exactly the gold is.

This can help towards reducing production costs, says Boo, adding that the exploitation works are expected to be funded through a combination of sale proceeds from gold production and internal funds.

“We have established a team and would be going in as soon as possible.

“We have a six-month period to do this and after that we can start the production, ” he explains.

Based on the expected 20kg per day average capacity and gold prices in excess of RM200,000 per kg, Yong Tai could reap a monthly revenue of RM4.5mil from this venture, says the company.

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