Hong Kong-based mining company CNMC Goldmine Limited (CNMC) is looking for gold in Kelantan.

Based on geology records made available by the authorities here, the Sokor locality in the Tanah Merah district is estimated to have five tonnes of gold deposits, the company said.

CNMC has entered into a memorandum of understanding (MoU) with the Kelantan State Economic Development Corporation (SEDC) to lease the prospective area in Sokor for the next 10 years.

CNMC executive director Benjamin Yeo Hung Hee told a press conference here that the company would begin its exploration work from this week.

The company’s geologists are already in town to explore the terrain in Sokor with the aid of several local consultants engaged to fast-track efforts for the commercial mining of the commodity.

Yeo said CNMC plans to become the largest mining operator in the Asia Pacific region.

The company was formed last year with an initial paid-up capital of HK$11mil. Its subsidiary, CMNM Mining Group Sdn Bhd, was set up to undertake the venture in Kelantan.

The state has a 10% stake in CMNM, while CNMC has an 80% share with the remainder owned by local businessmen.

source news : biz.thestar.com.my