Iron ore producer Fortress Minerals has received two new prospecting licenses in Sabah, extending its operations into new areas. The company plans to spend up to RM30 million prospect the two concession areas starting from April.
Under terms of the licenses, issued by Land and Surveys Department State of Sabah, the company has up to December 2024 to undertake the prospecting activities.
The first concession area, Telupid, Sabah, covers 40 sq km and Fortress Mineral is known to contain copper. The second concession area, Tongod, Sabah, covers 400 sq km and is known to contain nickel, copper and cobalt.
“It is our mission to explore new opportunities that will bolster our sustainable growth and create longterm value for our shareholders,” says CEO Ivan Chee.
“In addition to our strong iron ore producing assets at the Bukit Besi and Mengapur mines, the exploration of new geographies and minerals provides the potential to diversify our revenue streams and bolster sustainable growth for the long term,” he adds.
At the same time, Fortress Minerals says it is ramping up its production capabilities at an existing production mine, Cermat Aman by adding new processing capacity.
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Fortress Minerals closed March 6 at 42 cents, up 10.67% for the day.