MacroAsia recently obtained a mineral production sharing agreement (MPSA) from the Mines and Geosciences Bureau covering 1,114 hectares of land in Brooke’s Point, Palawan.
To help fund the project, MacroAsia president and chief executive officer Joseph Chua said the company has engaged in talks with five foreign investor groups from Canada, China and Japan for possible joint exploration of the area.
"We cannot divulge yet their identities pending completion of negotiations," he said.
The MPSA gives MacroAsia 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.
Foreign investors have taken a second look at the Philippine mining industry following a Supreme Court decision allowing foreigners to wholly own local mining projects.
The government and the private sector expect $6 billion in new investments to be poured into mining projects in the country over the next six to 10 years.
MacroAsia inherited the mining claim over the property, from Cobertson Holdings Corp. — formerly Infanta Mineral & Industrial Corp. MacroAsia does not own the title to the land but can use it for mining purposes.
Tan took over Cobertson in 1995 to undertake a backdoor listing of MacroAsia. Infanta Mining was the country’s leading nickel mining operator in the 1970s.
Apart from the mining business, MacroAsia operates four subsidiaries and two associated companies, which directly render services to airline customers of the Ninoy Aquino International Airport (NAIA), Mactan-Cebu International Airport (MCIA) and Davao International Airport.