Qew Group Berhad (QGB) has successfully entered into strategic joint ventures of iron ore mining with three other mining companies namely Cahaya Kurnia Sdn Bhd, Imbasan Damai Sdn Bhd and Prospect Global Resources Sdn Bhd through its Corporate Strategic Partnership (CSP) programme.
The land, covering 600 acres, is located in Bukit Besi, Terengganu. In a statement, QGB sees the prospect in iron ore mining as it is in high demand in the world market.
The group also foresees the project to involve a Gross Development Cost (GDC) reaching almost RM800 million in five years.
According to Dato’ Dr. Muhamad Iqbal, the Group Executive Chairman, he sees the project as being capable of generating lucrative income.
“Such activity will also boost the domestic economy and can increase employment opportunities for the locals,” he said.
Qew Group Berhad was established in 2009 and was listed in the Initial Public Offerings (IPO) in 2019. It has offices in Putrajaya as well as London and it is a wholly Bumiputera owned company.