Private investor VEWC to fund RM1.47 billion for bauxite mining project in Malaysia

Private investment firm Via East West Capital (VEWC) has reportedly signed a memorandum of understanding (MoU) with One Minerals Mining Sdn Bhd to provide funding of RM1.47 billion for 7,000 acres of bauxite mining area in Johor. As per the report, the investment firm will initially give US$50 million for 1 acre of bauxite mine.

This mining project is estimated to be the largest in Malaysia and expected to provide a big boost to the country’s export income. The annual bauxite production at this world-class mine is likely to be around 6 million metric tonnes.

TOMM in Johor is responsible for the operation, engineering, procurement, and construction of the mine. In next five years, TOMM plans to increase the mining area to a total of 7,000 acres.

In recent years, bauxite mines near Kuantan came under deep scrutiny by local residences, media, and relevant government agencies due to poor environmental track records. TOMM plans to remove this stigma and to be committed to be an environmental-friendly mining company. With the GPS tracking technology, TOMM’s monitoring centre will have 24 hours satellite surveillances to assure green mining practices.  

TOMM also has plans for mining areas that have becomes non-viable for bauxite mining. It plans to turn the plots of waste mining into solar energy farms, which will supply clean energy to the rakyat.