MALAYSIAN-own TSLAW Group has ‘replicated’ the recent debut of Australian Securities Exchange (ASX)-listed OM Holdings Ltd on the Main Board of Bursa Malaysia by listing Western Gold Resources Ltd, a company which they hold a 16.88% direct stake in.
The Perth-based Western Gold who is the owner and operator of the Wiluna West Gold project in Western Australia debuted on ASX today at 20 Australian cent (62 sen)/share.
A diversified group of companies based in Kuala Lumpur, TSLAW Group is involved in industries such as steel production, mining, property development and management as well as food & beverage (F&B).
Apart from Western Gold, TSLAW Group also has interest in two other ASX-listed companies, namely GWR Group Ltd (11.04% stake) and 10.83% in Tungsten Mining NL through GWR.
To re-cap, ASX-listed OM Holdings Ltd debuted on the Main Board of Bursa Malaysia on June 22 – the first-ever cross listing between Bursa Malaysia and ASX.
“Australia remains a commodities powerhouse with mining continuing to be an important contributor to the economy,” commented Western Gold chairman Gary Lyons.
“This listing will help us realise the true potential of the gold resources located at the Wiluna West Gold Project as we intend to use the funds raised to aggressively follow-up on known gold deposits while intensifying greenfields exploration of locations where significant relatively untested targets are present.”
In 2020, gold exports rose 12% to A$27 bil due to high prices and as a result of investments into gold production in recent years.
Despite the COVID-19 pandemic and operating under challenging conditions, Australian resources exports including minerals, metals and energy accounted for 62% of total exports, generating AU$270 bil in revenue, according to the Minerals Council of Australia.
The Wiluna West Gold Project which is located 750km northeast of Perth (Western Australia) consists of seven granted mining leases occupying 85.8 sq km with an estimated 293,000 ounces of gold and a gold grade of 2.0 based on an updated mineral resource estimate conducted in 2021.
Western Gold directly controls the Wiluna West Gold Project through its wholly-owned subsidiary, Wiluna West Gold Pty Ltd.
“We see global demand for gold supported by stockpiling from central banks while we believe that with the accelerated rollout of vaccination programmes across the world, retail consumers will come in strongly especially in traditional markets such as China and India,” projected Lyons.
“We hope that our listing will attract more investors who can see the value of the company’s exploration and production activities that is underpinned by the dynamics of precious metals and its role in the global economy.” – July 23, 2021