SBS provides financing for the acquisition, stockpiling, export, and shipping of bauxite ore from Malaysia. Under a verbal agreement, SBS has funded Sincere Pacific Mining (M) Sdn. Bhd. ("Sincere Pacific") to purchase, sell, and export bauxite. Sincere Pacific, partly owned and directed by Mr. Liew Chin Loong, manages labor, processing, transportation, and export operations. The company holds a special permit from the Malaysian government to stockpile up to 1.8 million metric tons of bauxite at Felda Bukit Goh, Kuantan, with no expiration date. As of June 30, 2023, five shipments have been completed, with two pending due to Malaysian government export caps and pending standard operating procedures. Sincere Pacific sources bauxite from multiple locations in Malaysia, processes it, and stockpiles it prior to shipment. Each shipment can be up to 55,000 metric tons. SBS receives a commission for financing exports based on up to 20,000 metric tons per shipment. Pricing for unwashed bauxite is anticipated between USD $24.50 and $26.00 per dry metric ton, with payments to SBS made upon shipment completion. The parties intend to formalize a written agreement after approximately seven shipments.
Nami's Comment on Supply Chain
SBS provides financing for the acquisition, stockpiling, export, and shipping of bauxite ore from Malaysia. Under a verbal agreement, SBS has funded Sincere Pacific Mining (M) Sdn. Bhd. ("Sincere Pacific") to purchase, sell, and export bauxite. Sincere Pacific, partly owned and directed by Mr. Liew Chin Loong, manages labor, processing, transportation, and export operations. The company holds a special permit from the Malaysian government to stockpile up to 1.8 million metric tons of bauxite at Felda Bukit Goh, Kuantan, with no expiration date. As of June 30, 2023, five shipments have been completed, with two pending due to Malaysian government export caps and pending standard operating procedures. Sincere Pacific sources bauxite from multiple locations in Malaysia, processes it, and stockpiles it prior to shipment. Each shipment can be up to 55,000 metric tons. SBS receives a commission for financing exports based on up to 20,000 metric tons per shipment. Pricing for unwashed bauxite is anticipated between USD $24.50 and $26.00 per dry metric ton, with payments to SBS made upon shipment completion. The parties intend to formalize a written agreement after approximately seven shipments.
Sources:
Nami Corp 's official press releases and regulatory filings; CSIMarket.com's supply-chain research; and the financial filings and press releases of other companies cited in this report.
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