Abacus sets plan to boost mining unit
January 28, 2010Higher gold prices have prompted listed holding firm Abacus Consolidated Resources & Holdings Inc. to ramp up gold exploration activities in its Northern Mindanao site, eyeing to start full production by 2013.
Abacus corporate secretary Joaquin San Diego told the BusinessMirror that the company has restarted talks with various investors for the possibility of further investing an estimated $3 million to $5 million to bring the mine to full operations.
He declined to name the interested parties, only saying that these are a mix of local and foreign investors.
This follows the recovery of gold prices, which ended last year at above $1,200 per ounce from $900 per ounce in early 2009.
“For a time, the recession set the [plans] back considerably but now [several parties] have showed interest [and] have put their plans back,” said San Diego in a phone interview. “Given [the current] gold prices, it is going to be viable from a business point of view,” he added.
The holding firm’s gold mining activities are under wholly owned subsidiary Abacus Goldmines Exploration and Development Corp., which remains in the pre-operating stage.
As part of the plan, San Diego said the holding firm is open to giving up 40-percent ownership in Abacus Goldmines. This will allow the new partner to handle the management and operations of the mining venture.
“This will be an operating partner [but] nothing has been signed yet,” added San Diego.
Abacus holds 102 gold mining claims in Agusan del Sur and Surigao del Sur, and seven coal mining blocks—each containing 1,000 hectares— in Surigao del Sur.
The holding firm, which is also involved in the real estate and financial services sectors, remains open to other business opportunities, said San Diego.
The company had recently submitted a proposal for a joint venture to build the 100-kilometer natural gas pipeline from Batangas to Manila. San Diego said the proposal, submitted to the Philippine National Oil Co.-Exploration Corp., is still under evaluation.
This will be funded by the sale of Abacus’s 18.23-percent stake in listed lotto provider Pacific Online Systems Corp. which the firm “hopes” will be completed by the first quarter this year.
The parent company of Abacus, Blue Stock Development Holdings, acquired on Wednesday a 15.10-percent stake in listed real estate and mining firm ATN Holdings Inc.
San Diego, who also sits as corporate secretary of Blue Stock, said the shares—composed of 20.75 million A shares and 47.24 B shares—were valued at market value.
This values the buy-in at P562.07 million, while ensuring Blue Stock of at least a board seat in ATN. He said there is no plan for now to increase the stake of Abacus in ATN.
“It’s mainly we like the company and we will probably would want to do something more with it,” noted San Diego.
Shares of Abacus lost 3.57 percent to end Wednesday’s session at P0.81 apiece. (Businessmirror) (more…)
7 armed men burned mining equipment in Surigao City
January 18, 2010CAMP RAFAEL C. RODRIGUEZ, Butuan City, Jan. 15 (PNA) — Seven heavily armed men swooped down on a mining site and burned its mining equipment at Sto. Nino area, Barangay Mapawa, Surigao City last Tuesday evening, a belated report reaching the police regional headquarters here on Friday stated.
A report coming from the Surigao City Police Office (SCPO) also said that the unidentified men wearing bonnets, armed with M16 Armalite rifles and hand guns entered the mining site of Greenstone Resources at 10:30 p.m. Tuesday and round-up the miners and guards on duty and ordered them to drop on the ground.
Immediately, the armed men burned the backhoe equipment and instantly fled to unknown direction.
No one was reported hurt during the incident.
Reinforcing police force from SCPO arrived in the area but the perpetrators already fled, the field report said.
Police investigators in the area are still determining the motive of the incident and identities of the perpetrators.
Chief Supt. Lino D. Calingasan, regional director of Police Regional Office 13 ordered the SCPO and Surigao del Norte Provincial Police Office to jointly conduct an in depth investigation for the immediate arrest of the perpetrators. (PNA) (more…)
NPAs torch heavy equipment in Surigao del Sur
January 12, 2010Suspected Communist Terrorists (CTs) burned heavy equipment in two separate places in one day. The terroristic act happened recently in Barangay Anahao Daan, Tago and hinterland Barangay in Lanuza, this province.
As reported earlier, around 2 o’clock dawn of Friday (Jan. 8 ), CTs hacked a hectare of Banana Plantation of owned by DOLE Philippines, Inc. and burned a unit of backhoe owned by Ventic Construction based in Davao and a contractor of DOLE Philippines, Inc. On that same day at around 2:30 in the afternoon, the 58IB of the Philippine Army confirmed that the CTs again burned four units of wrecker truck owned by Carumba trucking Services, a sub-contractor of SUDECOR.
In a statement, the Philippine Army said, they believed that CPP-NPA are perpetrating the terroristic acts. “Said strategy is always repeated whenever the company refuses to pay the revolutionary tax,” Army personnel said.
Meanwhile, the Philippine Army appeals that Peace and Development could only be attained in Surigao if the people will cooperate.
The two companies in Surigao del Sur had economically help the province to alleviate the lives of the Surigaonons from poverty, and great opportunities to those who want to land a good job living in nearby towns where these companies are operating. (PIA-Surigao del Sur) (more…)
Another RORO vessel stalls off Surigao City
January 4, 2010A roll-on roll-off (RORO) vessel owned by Millennium Shipping Co. stopped dead in the water for three-and-a-half hours when its engine malfunctioned 30 minutes after it left Lipata Port in Surigao City 3 a.m., Saturday.
Philippine Coast Guard (PCG) spokesman Armand Balilo said the maritime safety agency received reports that MV Millennium, carrying 45 passengers and 17 crew members, stopped sailing due to “diluted fuel supply” from the vessel’s main engine.
The RORO vessel, skippered by Capt. Aniano Ferolino, was supposed to sail to Liloan, Southern Leyte but was towed back to Lipata Port after the incident.
Balilo said the PCG had advised the ship captain to file a marine protest containing details of the maritime incident.
According to the PCG, a marine protest “is a declaration on oath by the master of the circumstances attending the damage or loss of his vessel, intended to show that the loss accrued by the perils of the sea.”
The document also serves as official record of a maritime incident, which is used by PCG as basis for determining whether the merchant officers and personnel of the ship should face liability or undergo investigation.
The PCG requires the submission of marine protest under the following circumstances: (1) actual physical damage to property exceeding P1,000 (2) material damage affecting seaworthiness of efficiency of a vessel (3) stranding, grounding, or sinking of the vessel or fire on board and (4) loss of life.
The maritime incident was the fifth since last month. MV Catalyn sank off Limbones Island in Cavite province on Christmas Eve, which left five dead and 22 others missing. [See: Accident prone areas at sea identified]
The sea tragedy was followed by the sinking of another RORO vessel, MV Baleno 9, off Isla Verde in Batangas last December 26, leaving at least six dead, and 44 others missing.
The third involved another RORO vessel, MV Starlite Navigator, that ran aground Wednesday night, December 30, also due to engine trouble.
Thirteen hours later, MV Torrejos, another passenger-cargo ship, stopped sailing after encountering strong winds that caused the vessel to drift and run aground after it left the Port of Lucena 11:45 p.m., Thursday. [See: Maritime safety not a priority in RP; coast guard struggles to stay afloat] - GMANews.TV (more…)
Surigao City spearheads skills training program
December 17, 2009The city government here once again showed its commitment to help its constituents alleviate from poverty through a skills training program.
December 11 marked the culmination of the three months training of the 34th batch consisting of 294 trainees of the Livelihood Training and Productivity Center (LTPC) managed and operated by the city government of Surigao. Given recognition during the graduation ceremony are the 32 NC II passers. Mr. Rodrigo de Villa, Provincial Director of TESDA explained the relevance of the National Certification (NC) II in terms of security of employment and as an entrepreneur.
Meanwhile, City Mayor Alfonso Casurra, in his commencement address, underscored the role of LTPC in the lives of the trainees composed of out of school youths, as well as unemployed college graduates and even former LGU officials. He acknowledged that the center still needs to upgrade its facilities to better serve the people. The limited resources of the city government did not pause any hindrance in delivering these types of services to the community. Mayor Casurra likewise encouraged whoever becomes the Mayor in 2010 to maintain and sustain the operation of the LTPC because of the significant role the center is playing in the lives of those who are in need of different livelihood skills.
Since the start of the operation of the training center in 1998, in partnership with the Helping Foundation Inc., around 10,200 have already graduated and a number are already engaged in their own businesses, while the others are already employed abroad.
Courses offered in the center are: basic and advance computer education, basic micro-computer repair/servicing, Shield Metal & Arc Welding, Gas Tungsten and Arc Welding, Gas Welding, Building Wiring Installation, Food Technology, Beauty Care, Sewing, Art and Sign, Handicraft and Basic Electronics, among others. (LTPC Administrative Head-LGU Surigao City/PIA-Surigao del Norte)
