SAM Advance Minerals has acquired a 40% stake in MCRE Resources
SAM Advance Minerals Sdn. Bhd. has acquired a 40% stake in MCRE Resources Sdn. Bhd. The acquisition allows Southern Alliance Mining Ltd. to strategically enter the rare earth sector, as MCRE Resources is active in the exploration, mining and processing of ion adsorption clay rare earth elements in Malaysia.
SAM Advance Minerals is a wholly owned subsidiary of Southern Alliance Mining, a company listed on the Singapore Exchange Securities Trading Limited (SGX-ST). The company is principally engaged in the exploration, mining, processing and sale of iron ore and gold.
MCRE Resources specializes in the exploration, mining, processing and sale of ion adsorption clay rare earth minerals in Malaysia. The company is the appointed mining or sub-mining operator and holds the relevant licenses for the mining and extraction of rare earth minerals at the Gerik Mine, located in Mukim Kenering, Hulu Perak, Malaysia, covering an area of approximately 2,161 hectares.
The sellers are individuals active in the Malaysian mining and minerals industry and existing shareholders of Southern Alliance Mining Ltd.
Oaklins’ team in Singapore acted as the buy-side financial advisor in this transaction.
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