KUALA LUMPUR (June 21): JAG Bhd's memorandum of understanding (MoU) with Empire Mining Sdn Bhd to jointly explore bauxite mining opportunities in Pulau Langkawi has been terminated.

"The MoU was terminated in view that the parties could not mutually agree on the terms of the transaction," the group said in a filing today.

On March 19, the total waste management company said it had inked the MoU to set out intentions with the possible joint venture between JAG or its nominated subsidiary and Empire Mining to extract, process and produce bauxite on the island.

The parties had agreed to negotiate exclusively with each other for three months upon signing of the MoU, and a further three months or more if mutually agreed in writing.

Shares in ACE Market-listed JAG closed unchanged at 4.5 sen today, for a market capitalisation of RM68.16 million.