SINGAPORE: Southern Alliance Mining (SAM) signed memorandums of understanding (MOUs) on Monday (April 17) to acquire two rare earth mines in Perak and Johor Bahru in Malaysia, just two weeks after it said it was in advanced talks to buy the mines.
The signing of the MOUs gives SAM a 40% stake in MCRE Resources Sdn Bhd (MCRE), which operates an iron absorption clay rare earth mine in Perak, and a 100% stake in Paramount Synergy Sdn Bhd (Paramount), which owns an iron absorption clay rare earth mine in Johor but is still in the exploration mining phase.
SAM is a producer of high-grade iron ore produced in Malaysia, and is listed on the...(click on link for full story on theedgesingapore.com)