Wire and cable maker Ho Wah Genting Bhd will venture into tin mining to widen its earnings base, according to Malaysia’s Business Times newspaper. It has secured a concession agreement from the Perak state government to mine tin until 2018 at a 202 hectare site in Pengkalan Hulu, Grik, Perak.
"We will spend RM15 million (US$1 = RM3.42) to buy machinery and equipment, which should be in place by the second quarter of next year," Ho Wah chief executive officer and managing director William Teo Tiew said. Teo said that the planned tin mine has an annual capacity of 1,200 tonnes of tin and can earn the company an annual income of US$18 million a year based on current tin price of US$15,000 a tonne.
Ho Wah is already involved in dolomite mining and magnesium production through its subsidiary Commerce Venture Magnesium Sdn Bhd.
