MacroAsia was recently granted a mineral production sharing agreement (MPSA) by the Mines and Geosciences Bureau for 1,114 hectares of land in Brooke’s Point, Palawan.
In a disclosure to the Philippine Stock Exchange, MacroAsia said the MPSA gives it the exclusive right to conduct mining operations within the contracted area.
Mining operations that are allowed include exploration, development and utilization for commercial purposes of nickel, chromite, iron and other associated mineral deposits that may be found in the area.
The MPSA will be in effect for 25 years and is renewable for a maximum 25 years under the same terms and conditions as the existing agreement.
MacroAsia president Joseph Chua said mining firms from Japan, China and Canada, have expressed interest on a possible joint exploration agreement covering the site.
Chua said the company is now evaluating the offers and will make the appropriate disclosure once it has chosen its partner for the project.
Foreign investors have renewed their interest in the Philippine mining industry following a Supreme Court decision allowing foreigners to wholly own local mining projects.
The government and the private sector expect as much as $8.5 billion in new investments to be poured into mining projects in the country over the next six to 10 years.
MacroAsia is engaged primarily in aviation-related businesses which include airport services, in-flight catering services and ground handling services. It runs charter flights through MacroAsia Air Taxi Services Inc. The firm also operates in-flight catering services through Cebu-Pacific Catering Services Inc., and MacroAsia Eurest Catering Services Inc.
The company services the in-flight catering needs of most international airlines flying out of Manila and Cebu.
It likewise has a stake in the real estate industry with its wholly owned subsidiary MacroAsia Properties Development Corp.