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Southern Alliance Mining Ltd. ( (SG:QNS) ) just unveiled an update.
Southern Alliance Mining Ltd. announced that its associated company, MCRE Resources Sdn Bhd, has been ordered to temporarily suspend its rare earth elements mining operations in Hulu Perak, Malaysia, for three weeks. This suspension is to allow Malaysian authorities to investigate a recent water discoloration incident in Sungai Perak. The company clarified that MCRE’s operating license remains intact and that the suspension is not expected to materially impact the Group’s financial performance. MCRE is cooperating fully with the authorities to ensure compliance with environmental regulations.
More about Southern Alliance Mining Ltd.
Southern Alliance Mining Ltd. is a company incorporated in Singapore, operating in the mining industry with a focus on rare earth elements through its associated company, MCRE Resources Sdn Bhd, in which it holds a 40% equity interest.
Average Trading Volume: 61,646
Technical Sentiment Signal: Hold
Current Market Cap: S$289.7M
For a thorough assessment of QNS stock, go to TipRanks’ Stock Analysis page.