It is reported that Hiap Teck Ventures Bhd's 55% owned subsidiary Eastern Steel Sdn Bhd would be given a 600 hectare mining concession for iron ore in Bukit Besi in Terengganu.

The 2,400 hectare Bukit Besi area is believed to hold 50 million tonnes of iron ore reserves, which has the highest quality in Malaysia at 70% Fe.

Mr Seri Ahmad said this during his speech for the ground breaking ceremony for Eastern Steel's MYR 1.8 billion integrated steel complex in Kemaman in Terengganu. He added that Perwaja Holdings Bhd could also be provided a mining concession for iron ore in Bukit Besi, similar to that given to Eastern Steel.

China Shougang Group has a 40% stake and Chinaco Investment Pte Limited has 5% stake in Eastern Steel.

(Sourced from www.thestar.com.my)