KUALA LUMPUR (Dec 4): Tin smelter Malaysia Smelting Corp Bhd (KL:MSC) hit a more than three-year high on Thursday after the company said mining operations at its 80%-owned unit have resumed after being suspended due to the Sungai Perak water discolouration incident.
The stock rose to a high of RM1.68 before closing at RM1.65 at midday, a level not seen since June 2022, giving MSC a market value of RM1.39 billion. Shares are up 48.65% so far this year.
Operations at Rahman Hydraulic Tin Sdn Bhd, home to Malaysia’s largest open-pit tin mine in Klian Intan, Perak, were halted on Nov 19 after photos of the river near Kampung Sungai Papan turning blue went viral. The Department of Environment identified three affected mining sites — one rare earth element (REE) site and two tin sites.
The other suspended company, MCRE Resources Sdn Bhd, specialises in REE mining in Kenering, Hulu Perak, and is the only Malaysian firm authorised to export raw REEs. Singapore-listed Southern Alliance Mining Ltd owns a 40% stake in MCRE.
The company saw its net profit in the third quarter ended Sept 30, 2025 rise 42.7% from a year earlier, backed by higher refined and tin-bearing intermediate sales volume coupled with higher average prices.