Latest news with #AuMas
Daily Express
5 days ago
- Business
- Daily Express
AuMas secures second injunction to safeguard tailings facility
Published on: Friday, May 30, 2025 Published on: Fri, May 30, 2025 Text Size: TAWAU: AuMas Resources Berhad has obtained a second court injunction to prevent further interference with critical safety works at its Tailings Storage Facility (TSF) in Tawau, following a disruption on May 17 allegedly led by Datuk Lo Fui Ming and Southsea Gold Sdn Bhd. The High Court's order, granted on May 29, restrains the defendants from obstructing rectification works and grants AuMas' subsidiary, Wullersdorf Resources, full access to carry out repairs. The facility's safety was compromised after unauthorised machinery blocked drains and redirected water flow. Despite emergency repairs, AuMas claims the efforts were sabotaged in defiance of Mineral and Geoscience Department (JMG) directives. The company now moves forward with legally protected rectification under JMG and Environment Protection Department (EPD) oversight. AuMas reaffirmed its commitment to environmental compliance and operational integrity, vowing to pursue all legal avenues to protect its mining operations. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Malaysian Reserve
20-05-2025
- Business
- Malaysian Reserve
Gold miner AuMas gets 'Buy', target price 86 sen
AuMas Resources Bhd, the nation's sole listed gold miner with exclusive concession in Sabah, has received a 'Buy' call with a 52-week target price of 86 sen. In a initiation research note released today, BIMB Securities Research said its these was premised on three points: scalable output; cost efficiency gains and gold price leverage as well as undervalued resource optionality. 'With a gold supercycle tailwind, we forecast earnings CAGR of 22% (FY25–27). Valuation at 18x FY25F P/E is undemanding given a 19% ROE. Catalysts include sustained high gold prices, output ramp-up, and mines exploration. Key risks include production shortfalls and gold price volatility,' it said. However, it cautioned that the report did not meet BIMB's usual standards of rigour. Despite our best efforts, it said management declined a direct engagement , citing a pending litigation outcome expected by end-May. 'Markets do not pause—and neither do we. Our analysis draws from publicly available company disclosures, benchmarking against comparable local mining peers, and our guesstimates,' the research house said. AuMas has an exclusive concession at Bukit Mantri, Sabah until 2048. The area sits on a gold and silver deposit of 6.5 and 20.5 tonnes respectively, valued at RM3 billion at today's prices. Formerly known as Bahvest Resources Bhd, the company's mine is located 39 km from Tawau Airport and 64 km from Tawau town, with mining rights secured through a 33-year concession from the Sabah Lands and Surveys Department. The total concession area spans 317.7 hectares, of which 28 hectares have been delineated as a defined mineral resource zone currently under active mining, according to the report. It noted that AuMas' leadership team has limited direct experience in mining or the broader resources sector. While not a criticism in itself, it said it naturally raised questions about operational depth as the company enters a more technical growth phase. AuMas CEO Tzu Khen Chong, 67, is a long-time company insider, having served as CFO during the Bahvest era. While his continuity is valuable, his lack of mining-specific background may limit agility in managing operational complexity, noted the report. AuMas was trading at 71 sen at 11.45am today, valuing the company at RM1.3 billion. Its 52-week high/low was RM1.00/44 sen. — TMR
