The Selinsing gold mine is an operating high-grade gold mine at Bukit Selinsing in Pahang State, Malaysia. Monument Mining is the owner and developer of the mine, which comprises both oxide and sulphide deposits.
The pre-feasibility study of the project was completed in 2016, while the feasibility study was completed in February 2019. The study focused on assessing the expansion of the existing oxide-based mine and extract sulphide ore.
Monument Mining acquired the gold mine, which comprises four properties namely Selinsing, Buffalo Reef, Felda, and Famehub, in June 2007. Oxide ore mining at Selinsing and Buffalo Reef properties respectively started in July 2009 and November 2012.
The mineralised shear zone is located within a sequence of felsic tuff, clastic argillites, and arenites along with silicified sediments. High-grade mineralisation is contained as quartz complex veins and quartz-carbonate veins in the sedimentary rocks.
Gold mineralisation at the Selinsing property is contained within pyrite and arsenopyrite, while mineralisation at the Buffalo Reef shear zone is structurally controlled and associated with Permian sediments.
Conventional open-pit mining, involving drilling and blasting, is being applied at Selinsing. The extracted oxide ore undergoes three-stage crushing followed by ball milling, gravity recovery, cyanidation, and carbon-in-leach treatment to produce gold.
The existing 3,000tpd oxide ore processing plant will be upgraded to treat sulphide ore. With a capacity of treating 955,000tpa of ore, the upgraded plant will feature a flotation plant, a bacteria bio-oxidation (BIOX) treatment facility, and ASTER process for thiocyanate and cyanide removal.
The new BIOX CIL circuit will process the refractory sulphide ore and concentrates while retrieving the gold, which cannot be recovered by conventional cyanide leaching. Final gold will be recovered from gravity concentrate leach and carbon strip solutions through the electrowinning process.
SRK Consulting conducted the scoping study of the expanded tailings storage facility, while Peter OBryan and Associates prepared the slope stability analysis for the Selinsing and Buffalo Reef deposits.
We are headquartered in Malaysia and the Group is principally engaged in the business of exploration, mining and production of gold for sale in Malaysia. The group has concession rights at The Lubuk Mandi Mine located in the state of Terengganu, Malaysia.
Our focus currently is for mining and production of gold at The Lubuk Mandi Mine and our processing facilities utilise the gold treatment and extraction method of flotation to produce gold from tailings material with gold recoveries.
Exploration work involves and includes geological mapping and surveying, trenching and drilling to determine the optimal locations and number of holes to drill on a given site. These are determined by third-party geologists. Professional geologists are engaged to conduct drilling activities in the first phase of exploration to assess the tailings material. Drilling is primarily done by the reverse circulation method to conduct sampling, bulk density determination, testing of extracted hard rock core which are then sent to Australia for further testing and assay generation and reporting. Quality control procedures are then implemented to ensure chemical analysis results are robust and are suitable for resource estimation.
Mining at the Lubuk Mandi Mine consists of mainly two methods of the mining process - mining of tailings and hard rock mining. For the mining of tailings or open surface mining, hydraulic excavators are used to reclaim tailings at the Tailings Dam which are then loaded onto tipper trucks which deliver the tailings material onto feed hoppers at the processing and production facility for further handling and processing. This method of mining must take into account proper trucking routes, safe road inclinations and perfect mining schedules to ensure timely and smooth operations of excavators, trucks, vehicles and personnel. For hard rock mining, the open pit mining method is utilised which is a type of surface mining that involves extracting gold ore from an open pit. Hard areas require blasting to loosen the rock surface prior to excavation. This method of mining is chosen when the deposit is located nearer the surface since there is less overburden as the open pits are relatively shallow ranging from 60 meters to 120 meters and are dug in batches for maximum productivity. The gold ore is then excavated and extracted from the earth and transported by tipper trucks to the processing plant.
The Lubuk Mandi Mine is currently equipped with on-site processing & production facilities. After the mining and excavation process is completed, both tailings and hard rock ore are received at the processing facility to undergo a number of processes. Tailings are transferred to the Trommel and Scrubbers to remove unwanted material and are stored for further processing. The excavated hard rock ore is sent to various Crushers to break down the hard rock to a size suitable for further grinding. The crushed ore is then sent for Stock Piling via a conveyor system. The material is next entered into a Ball Mill with water to form wet slurry. The gold containing slurry from both tailings and hard rock will now go through processes that involve Flotation, Thickening, CIL or Carbon-In-Leach, and Electro-Winning. The slurry is now treated with Nitric acid and dried before it is sent for Smelting in an induction furnace at a temperature of 1,150 degrees Celsius. The golden liquid is now poured into moulds and cast into gold. These are unrefined gold bars of gold purity, normally within the range of 60.0% to 95.0% gold.
While the worlds major production of gold is controlled by large mining companies, it is common to see thousands of common men working independently, some work illegally, to find their fortune in gold. Mining of gold can occur on any level, from massive machinery to the simplest and most basic prospecting equipment. Production of gold is increasing with the exploration of new mines and advent of new technological advances in the industry.
One notable country producing gold is Malaysia. Tracing the history of mining in Malaysia, tin mining which was occupying the top slot in the list of mining is no longer a big business after the collapse of the global market in 1985.
Gold mining is carried out in the five states of Terengganu, Kelantan and Pahang. Pahang mining carries a distinction of producing 95% of raw gold produced in Malaysia, employing around 900 workers to carry out the job.
The production of gold during the early years of mining was around 3000 kilograms of raw gold, which has increased to an estimated 4625 kilograms of raw gold production in 2012. This throws a clear indication as to where this industry is leading in the future.
New discoveries of gold in Malaysia has opened huge opportunity for mining companies around the world. Opportunity in gold mining is available in Malaysia as the belt stretching from Kelantan, Terengganu, and Pahang and up to Johor and Sabah, known as the Golden Belt, is blessed with huge deposit of gold waiting to be mined.
Gold is having a huge demand with the increased price over the past decade. Even with recent drops in the precious metal from its high a few years ago, mining is still lucrative if rich enough deposits can be identified.
As the gold mining industry has become attractive over the past few years, governments the world over are in the process of rethinking to issue more licenses to lease gold mines. If you look at the opportunities for gold mining in Malaysia, apart from Pahang, the highest producer of gold (95% of gold produced in Malaysia) from their Pejom and Kuala Lipis mines, five more mines in Jeli, Kelantan, six gold mines in Raub and Kuala Lipis also are in the business of commercial excavation of gold.
New opportunities for gold mining are found in Lubuk Mandi in Terengganu, Johor and Mersing. The Eastern belt with its hard rock formation is rich with gold deposit and it requires substantial capital investment to prospect, explore and mine the area. Apart from this the high tribute payment between the owner of the mining lease and the operator, royalty and payment of corporate tax calls for major mining groups around the world who are capable of investing huge amounts.
As Malaysia certainly looks promising and lucrative, strong involvement by foreign investors collaborating a joint venture with domestic players or by their direct investment is sure to bring in rich dividend by Gold to the investor.
The countrys economy once totally depended on the service sector and on the exports of manufactured goods. The government has been trying to increase the countrys domestic demand and thus reduce its dependence on exports.
In 2010, the countrys economy increased to a moderate level due to the slow recovery of the global economy. This economic growth was mainly because of the increasing domestic demand that was mostly from the private sectors. The increase in investments from the public and private sectors resulted in the expansion of capital spending in the mining, service and manufacturing sectors. The countrys GDP as of 2011 was $453 billion.
Malaysias key natural resources include natural gas, petroleum, copper, tin, bauxite and iron ore. The countrys identified mineral resources other than its key natural resources include monazite, ilmenite, struverite, zircon and silica.
Mineral production contributed a lot to Malaysias economy. The production of minerals such as iron ore, barite, copper, bauxite and ilmenite decreased to a major extent in the recent years and some of them have also been depleted.
Malaysia is one of the chief tin producing countries in the world. Recently, the country experienced a drift in its tin production capacity due to lower ore grades and depleted reserves. In 2010, the production of tin increased by more than 10%.
Aluminum Corporation of China and Gulf International Investment Group Holdings Sdn Bhd planned to develop an aluminum smelter in Samalaju Industrial Park at Bintulu in the State of Sarawak in 2010. Operation of this $1.6 billion smelter will commence in 2015.
Malaysia had about 12 gold mines located in Pahang, Kelantann and Terengganu in 2010. More than 90% of the countrys gold was from The Penjom Gold Mine, in the state of Pahang. More than 1 million oz of gold was produced by gold mines in Raub. Peninsular, a gold producing company in Malaysia, aims at discovering a minimum of 5 million oz of gold in its project areas.
The production of natural gas increased by about 7% to 62.7 billion m3 in 2010. The increasing demand for LNG from Japan and China was the major reason for this. In the same year, the country saw a decrease in its production of crude oil and condensate.
Malaysia has coal resources of about 1.9 billion Mt (Gt) and about 1.5 Gt of the coal resources in the country is located in Sarawak. More that 300 Mt of coal is located in Sabah. Coal in the interior regions of Malaysia had not been exploited in 2010 due to lack of infrastructure.
Malaysias mining industry is all set for a fresh start after a very long period of inactivity due to price manipulation. The total recovery in the tin mining sector is because of an increase in the issuance and renewal of a number of mining leases and also because of foreign and domestic investments.
Recent reports on the mining industry highlight that the government hopes to double its exports of minerals in 2012. To uplift the countrys economic status the government also plans to relax a few rules regarding initial public offerings, foreign investment and the financial sector.
In the coming years, a number of oil and natural gas projects are expected to be developed in Malaysia. Its economic rate is thus projected to grow slowly in the coming years with the government expecting to reduce the countrys dependence on external markets by increasing the production of goods to be exported. Reassessment of government subsidies, privatization of state-owned companies and selling of government land are some of the measures the government hopes to carry out in the future to uplift Malaysias economic status.
Disclaimer: The Author of this article does not imply any investment recommendation and some content is speculative in nature. The Author is not affiliated in any way with any companies mentioned and all statistical information is publically available.
Gary graduated from the University of Manchester with a first-class honours degree in Geochemistry and a Masters in Earth Sciences. After working in the Australian mining industry, Gary decided to hang up his geology boots and turn his hand to writing. When he isn't developing topical and informative content, Gary can usually be found playing his beloved guitar, or watching Aston Villa FC snatch defeat from the jaws of victory.
VANCOUVER, British Columbia, July 05, 2021 (GLOBE NEWSWIRE) Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (Monument or the Company) announces thattheMalaysia authoritieshavetransitioned themovement controlorder (MCO) in five states intoPhase 2 effective July 5, 2021 under the NationalRecovery Plan, including Pahang State.
Under the Phase 2, Selinsing Gold Mine is now back to production with upto 80% employees being allowed working at the site. Employers must ensure physical distancing and adherence to the standard operating proceduresat all times.
CEO and President Cathy Zhai said: The production starts to be resumed at Selinsing Gold Mine according to our recovery plan. We will be closely monitoring the Covid status and put employees safety as priority.
Monument Mining Limited (TSX-V: MMY, FSE:D7Q1) is an established Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia. Its experienced management team is committed to growth and is also advancing the Murchison Gold Projects comprising Burnakura, Gabanintha and Tuckanarra JV (20% interest) in the Murchison area of Western Australia. The Company employs approximately 200 people in both regions and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighboring communities.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes statements containing forward-looking information about Monument, its business and future plans (forward-looking statements). Forward-looking statements are statements that involve expectations, plans, objectives or future events that are not historical facts and include the Companys plans with respect to its mineral projects and the timing and results of proposed programs and events referred to in this news release. Generally, forward-looking information can be identified by the use of forward-looking terminology such as plans, expects or does not expect, is expected, budget, scheduled, estimates, forecasts, intends, anticipates or does not anticipate, or believes, or variations of such words and phrases or state that certain actions, events or results may, could, would, might or will be taken, occur or be achieved. The forward-looking statements in this news release are subject to various risks, uncertainties and other factors that could cause actual results or achievements to differ materially from those expressed or implied by the forward-looking statements. These risks and certain other factors include, without limitation: risks related to general business, economic, competitive, geopolitical and social uncertainties; uncertainties regarding the results of current exploration activities; uncertainties in the progress and timing of development activities; foreign operations risks; other risks inherent in the mining industry and other risks described in the management discussion and analysis of the Company and the technical reports on the Companys projects, all of which are available under the profile of the Company on SEDAR at www.sedar.com. Material factors and assumptions used to develop forward-looking statements in this news release include: expectations regarding the estimated cash cost per ounce of gold production and the estimated cash flows which may be generated from the operations, general economic factors and other factors that may be beyond the control of Monument; assumptions and expectations regarding the results of exploration on the Companys projects; assumptions regarding the future price of gold of other minerals; the timing and amount of estimated future production; the expected timing and results of development and exploration activities; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; exchange rates; and all of the factors and assumptions described in the management discussion and analysis of the Company and the technical reports on the Companys projects, all of which are available under the profile of the Company on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
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As a nation, Malaysia is more familiar than most with holding gold as an investment, store of value and currency hedge, and the concept of the modern gold dinar coin has had some success within the national economy. Physical bar gold is available in many Malaysian jewellery outlets as well as through banks, and gift giving of gold is popular in Malaysia during weddings and festive seasons such as Muslim festivals, and the Chinese New Year. Exchange traded gold products are not well-developed, but Bursa Malaysia does list a small retail gold futures contract.
In 2001, Malaysias government, in conjunction with the Malaysian central bank, Bank Negara Malaysia launched a series of gold bullion coins named Kijang Emas. Kijang Emas coins were minted by an affiliate of the central bank, and are currently distributed through approximately 31 branches of Malaysian commercial bank, Maybank, on behalf of the central bank. The coins contain 99.99 fine gold, are minted in 3 denominations, 1/4 oz, 1/2 oz, 1 oz, and are legal tender in Malaysia.
Malaysia is a Federation consisting of 13 states and 3 federal territories. Two of these states, namely Kelantan and Perak, have launched their own gold dinar coins, beginning with Kelantan in 2006 and followed by Perak in 2011. These dinar gold coins, modelled on the classical gold dinar, are not legal tender in Malaysia, but are still used to an extent in these States as a means of payment and as a savings and investment medium. In 2000, the then Malaysian Prime Minister, Dr Mahathir Mohamad, was one of the early advocates of the creation of a modern Islamic gold dinar in 2000, which undoubtedly raised the profile of the gold dinar initiative within Malaysia. The Kelantan dinar contains 0.916 fine gold (22 karat), while the Perak dinar is 0.9999 fine (24 karat) gold.
The Kelantan states gold dinar is now administered by Kelantan Gold Trade Sdn Bhd, which is a subsidiary ofPerbadanan Menteri Besar Kelantan (PMBK). The first batches of Kelantan gold dinars in 2006 were produced within Kelantan on an informal basis, and in 2010, with a more formal launch, they began to be produced by the World Islamic Mint in Dubai, UAE.
Bursa Malaysia, headquartered in Malaysias capital Kuala Lumpur, is the holding company that oversees both the Malaysian Stock Exchange and a futures and options market named Bursa Malaysia Derivatives Berhad (BMD). BMD lists a number of commodity derivatives, including a gold futures contract.BMDis supervised by the Securities Commission of Malaysia.
The BMD gold futures contract, named FGLD, is a Malaysian Ringgit (MYR) denominated, cash-settled 100 gram contract pitched at the retail sector and was launched in late 2013. Its aim is to provide local investors with a small-scale method to gain exposure (for speculating, hedging or arbitrage) to the international gold price via the LBMA Gold Price, using an MYR denominated futures contract
In 2009, US-based CME Group purchased a strategic stake in Bursa, Malaysia Derivatives Berhad. Since then, BMDfuturescontracts have traded on CMEs Globex electronic trading platform. Trading volume of the FGLD gold futures contract is just under0.5 tonnes per month, with monthly open interest in the region of 0.2 tonnes.
In Malaysia, gold investment bars and coins are sold in some of the large jewellery distributors in Malaysia, as well as by banks and specialised bullion sellers. Poh Kong Goldsmith sells Bunga Raya brand gold bars in a range of weights from 1g, through 5g, 10g, 20g, 50g, to 100g. Tomei Goldsmith sells its own branded gold bars, and also stocks Canadian maples and Australian kangaroos.
A number of Malaysian banks also distribute gold bars and coins for sale in some of their branches. For example, United Overseas Bank (UOB) sells 1kg gold bars at 4 of its branches, and foreign gold coins (Canadian maple leafs, Australian Kangaroos, PAMP products, Singapore Lion) at a wider selection of its branches.
MKS, the Swiss based gold trading company which owns the PAMP precious metals refinery, has a Malaysian branch MKS Precious Metals SDN Bhd, located in Kuala Lumpur, and quotes local MYR prices for a selection of investment grade gold bars.
The Federation of Goldsmiths and Jewellers Associations of Malaysia (FGJAM) , headquartered in Kuala Lumpur, was originally established in 1978 as the Goldsmith Merchants Association of Malaysia, changing to its current name in 1985. The FGJAM represents members from all Malaysian states and federal territories, and has historically lobbied the Malaysian government on issues affecting its members businesses, such as import duty and sales tax on gold. The Federations very extensive members list can be seen on the FGJAM website, and includes the goldsmiths/jewellers (Poh Kong and Tomei) mentioned above. There has been concern in the past from non-members that members of FGJAM quoted similar prices for gold products above the spot price, leading to discussion of whether the FGJAM had displayed traits of a price cartel.
Gold investment/savings accounts or accumulation plans are widespread in Malaysia and are offered by a number of banks including Maybank, Public Bank, United Overseas Bank (UOB), CIMB Bank, and Kuwait Finance House, as well as by Citibank and Standard Chartered Bank. The accounts are backed by and denominated in units of gold. Some banks offer the option of withdrawing physical gold from the accounts, others do not.
The Maybank Gold Investment Account (MGIA) is backed by physical gold deposited in PAMP S.A., however, account holders can only withdraw cash from the account, not gold. In contrast, the UOB gold account (which invests in unallocated gold) allows conversion of gold purchased within the account to physical gold, subject to the permission of the bank.
According to GFMS, Malaysian gold jewellery fabrication for 2014 (including scrap) totalled40.7 tonnes, vs 44.6 tonnes for 2013. Excluding recycled gold scrap, gold jewellery fabrication in 2014 accounted for 35.6 tonnes versus 39 tonnes in 2013. The bulk of Malaysiangold supply is imported since there is very little gold produced from domestic gold mining.
According to the World Gold Council, domestic jewellery demand only accounted for 10.2 tonnes of gold in 2014, and 8.4 tonnes in 2015, therefore approximately 75%of Malaysian gold fabrication is exported. The Malaysian governments approach to tax on investment precious metals and the existence of an approved jeweller scheme facilitiatesthis import-fabrication-export round tripping.
Malaysian Goods and Services Tax (GST) is a consumption tax, similar to VAT. Normally, GST would be liable on the supply of investment precious metals (IPM) to Malaysian jewellery manufacturers. IPM is defined in Malaysia as gold of 99.5% purity, silver of 99.9% purity, and platinum of 99% purity.
To facilitate the jeweller manufacturers cash flows, Royal Malaysian Customs has introduced an Approved Jeweller Scheme (AJS) under which the IPM supplier does not have to pay GST when supplying gold or other precious metals to jewellery manufacturers. Although manufacturers are liable for the GST, they only incur the GST when the metal is used to fabricate finished goods for the local Malaysian market. Exported gold jewellery remains zero-rated for GST.
Although there has been gold mining in Malaysia in the past, it is currently quite limited. However, a mining company called Bersa is developing a gold mine at the historically minded Bau Goldfield in Sarawak, East Malaysia. This project is still at the feasibility stage.
Smaller than the neighbouring Thai gold market to the north, and less well-known internationally than the Singapore gold market to the south, Malaysia still hosts a respectably-sized gold market with a particular emphasis on gold jewellery fabrication, especially for the export market. The launch of theKijang Emas coins and the emergence and strong support for the gold dinar projects in the Federation demonstrates golds intrinsic appeal to Malaysias governing class. Speaking about the gold dinar in 2002, DrMahathir Mohamad demonstrated his understanding of golds potential monetary role:
If we want to avoid being short-changed we must have a currency that has intrinsic value. Gold does fluctuate in price but the fluctuation is minimal. It is not possible to devalue gold by one hundred percent or one thousand percent.
This anarchy in the international financial regime will remain because it benefits the rich and the powerful. If we want to protect ourselves we must evolve our own payment system, our own trading currency.
Gold is a precious metal. There has never been a time when there was no demand for gold. It is also not so plentiful that its price will fall the way paper currency or even other precious metals can fall.
The widespread availability of investment gold bars in Malaysias jewellery shops and banks also points to golds intrinsic appeal among Malaysias general population. This across the board respect for gold throughout the country from the Government down to the population bodes well for the continued buoyancy of the gold market in the Federation of Malaysia.
4.^ Maybank Kijang Emas details http://www.maybank2u.com.my/mbb_info/m2u/public/personalDetail04.do?channelId=INV-Investment&cntTypeId=0&programId=INV03-Gold&cntKey=INV03.01&chCatId=/mbb/Personal/INV-Investment
27.^ Royal Malaysian Customs Goods and Services Tax (GST) Guide on Approved Jeweller Scheme http://www.customs.gov.my/en/pg/pg_ig/Approved%20Jeweller%20Scheme%20(revised%20as%20at%206%20May%202014).pdf
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