Shares of Think Environmental (THEC.SI), a Singapore-based firm that invests in and manages renewable energy businesses, rose as much as 2.9% today after it said it will acquire 70% of gold miner Mornington Offshore for US$35 million ($45.4 million).

At 10:22 a.m., Think Environmental shares were trading at $0.72 on a volume of 4 million shares.

The acquisition will give Think Environmental control of gold concessions in Mali in Western Africa, thus making it the only Singapore-listed company with gold mining assets, it said in a statement.

“Logically it should be positive, but this company hasn’t got a long track record. It’ll take a while for people to see if it’s a great investment, and also how much reserves there are in this gold mining company,” said a local trader.

“Although gold prices are high, but at the end of the day what’s important is whether you have a lot of gold reserves,” he added.

Spot gold edged higher to US$1,386.30 ($1,797.6) an ounce on Tuesday, as the dollar fell nearly half a% in thin year-end trade, and strong demand is expected to lend support to the bullion into the new year.