KUALA LUMPUR (Indonesia Today) – KYM Mineral Sdn Bhd, a wholly-owned subsidiary of KYM Berhad, has decided to terminate the memorandum with PT Samana Citra Agung (SCA) for an iron sand mining project in Pidie, Aceh province.
“KYM Mineral Sdn Bhd has resolved to terminate the memorandum as it will not be economically feasible to proceed with the Project after having due consideration of the regulation No. 7/2012 issued by the Ministry of Energy and Mineral Resources which prohibits mining companies from exporting mineral raw materials from Indonesia,” the company informed Bursa Malaysia.
Under the regulation, mining companies are required to process all minerals in Indonesia before exporting them by 2014.