SUBANG JAYA: Private investment firm Via East West Capital (VEWC) has sealed a memorandum of understanding with The One Minerals Mining Sdn Bhd (TOMM), where VEWC would provide TOMM staged funding of US$350 (RM1.47 billion) for 7,000 acres of bauxite mining area in Johor.
The first tranche of funding would be US$50 million for 1,000 acres of bauxite mine.
This project is going to be the largest mining project in this country. It is expected to be lucrative and would provide a big boost to the country’s export income. This world-class mine is expected to generate around 500,000 metrics tons of bauxite per month or 6 million metrics tons annually.
The main market for bauxite is China. Bauxite prices have remained historically strong at a time when other commodity prices have fallen.
The bauxite mine would be operated, engineered, procured and constructed by TOMM in Johor. Mining for bauxite is simple, requiring little more than stripping back topsoil to reveal bauxite ore. The bauxite forms blankets typically between 1 and 6m, but in places up to 10m thick. Once the ore is extracted the top soil is easily re-established and the land restored.
TOMM plans to increase the mining area to a total of 7,000 acres over the next five years.
The project would be financed by the VEWC, which provides real time and insight investment details to all their investors directly, without going through third party. Investment information of the investors are securely stored with VEWC private node block technology, which is bulletproof and unhackable.
TOMM plans to remove the stigma associated with bauxite mining and is committed to be an environmental-friendly mining company. Equipped with VEWC latest vessel and GPS tracking technology, TOMM’s monitoring center would have 24 hours satellite surveillances to assure green mining practices.
TOMM has also plans for mining areas which have turned non-viable for bauxite mining. These plots of waste mining land would be turned into solar energy farms, which would supply clean energy to the rakyat.
Source: The Sun Daily