The agreement took effect on Dec 19, 2022, and will expire 15 years from that date.
's 49% associate company Handal Borneo Resources Sdn Bhd has entered into a 15-year agreement for the extraction and sales of marine sea sand with Tanjung Aru Eco Development Sdn Bhd.
In a statement, Handal said Tanjung Aru Eco Development, a subsdiary of Chief Minister of Sabah Inc, has appointed Handal Borneo Resources as the operator in relation to the concession for the Sunken Barrier Shoal, Hayter Shoal and Bunbury Shoal concession areas, offshore Sabah. "The marine sea sand available within the Concession Areas fulfils the requirements for two purposes namely, bulk filling for reclamation projects and recreational beach.
"A site investigation conducted by a professional surveyor reports total sand reserve from the Concession Area to be approximately 153 million cubic meters. However not all the sand reserve may be mined due to environmental, technical, and economic reasons," it added.Article type: free
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