MANILA, Philippines — MacroAsia Corp., the Lucio Tan-led aviation support unit, has obtained the rights to 123 mining claims in Negros Occidental covered by an operating agreement with Philex Mining, in line with plans to diversify into the mining business.
In a disclosure to the Philippine Stock Exchange on Thursday, MacroAsia said it had signed agreements with the Bulawan Mining Corp. (BUMICO) and PNB Management and Development Corp. (MADECOR) resulting in the transfer to MacroAsia of all rights, interests and obligations under the two companies’ operating deals with Philex.
The rights assigned by Bumico involve 62 mining claims, of which six are covered by a mining lease contract and were subjected to mining operations by Philex from 1996-2002. “This agreement covers part of the Bulawan Gold Mine that previously produced gold under Philex operations,” the disclosure said.
The gold operations are under Philex Gold Philippines, a unit of First Pacific-led Philex Mining.
With MADECOR, a deed of assignment was likewise signed, covering the former’s rights, interests and obligations under its operating agreement with Philex involving 61 mining claims.
MacroAsia at present is engaged primarily in aviation-related support businesses, providing aircraft maintenance, repairs and overhaul services, charter flight services, airport ground handling services and in-flight catering services and operates a special economic zone at the Ninoy Aquino International Airport.
Apart from the airline support business, the company holds two Mineral Production Sharing Agreements (MPSA) with the government due to the renewal of mining leases that the company held as a mining company from its startup years in the 1970s.
Its more advanced project is the Infanta Nickel Project in Brooke’s Point Palawan which covers a total land area of about 1,114 hectares. This old mine used to produce ore shipments to Japan in the 1970s. It was earlier reported that this mining prospect would be developed with China’s Jinchuan Group.
This Infanta mine in southwestern Palawan province has proven reserves of at least 88 million tons of nickel ore. The plan is to ship out one million tons of nickel laterite annually to China.