Advancecon announced that Spring Energy Sdn. Bhd. an indirect 51% owned subsidiary had entered into a Mining Services Agreement with Imerys Minerals Malaysia Sdn. Bhd. where SESB is appointed as contractor on a non-exclusive basis to carry out the mining works at Gunung Terundum in the Simpang Pulai/Keramat Pulai area.
IMMSB is the registered and beneficial owner of the quarry, under the agreement SESB is to carry out the mining related works which includes supplying plant, labour, and equipment, operating and maintaining the Quarry / stockpile management, transporting and managing the wastes and any related mining works and services in consideration of the Remuneration
Advancecon said the provision of the contracted services is expected to contribute positively to the revenue as well as recurring income stream for Advancecon in the mid to long-term, which aligns with its business strategy to accelerate future growth for Advancecon.