"The resources industry is still largely untapped. We want to take advantage of the metals boom. That will be the focus of the company. A lot of foreign investors are coming in and taking a second look at the country, said APC president Willy Ocier.
Ocier said the company is in talks with several foreign companies but nothing has been finalized yet.
The group formed three subsidiaries — Aragorn Power & Energy Corp., Aragorn Coal & Resources Inc., and APC Mining Corp. – last year as part of its strategy to enter profitable ventures and dispose of non-performing assets.
Ocier said the group plans to take all three subsidiaries public to raise funds for their working capital requirements.
After a decline in the past 20 years, the Philippine mining industry is slowly regaining its old glory with over $3 billion in foreign direct investments expected to be poured into different mining ventures.
The Philippines is considered a highly mineralized area with mineral resources estimated to cover nine million hectares or about 30 percent of the country’s total land area. Currently, however, less than half a million hectares are being explored or developed.
The government has placed the country’s mineral wealth is estimated at $800 billion to $1 trillion.
APC (through subsidiary APC Mining) has an application for an exploration permit in the municipality of Alubijid, Misamis Oriental. The application covers 2,537 hectares of confirmed chromite-bearing formation.
Just recently, Aragorn Coal signed two coal operating contracts with the Department of Energy. The first contract area (COC No. 145 is located in the province of Masbate containing two coal blocks. The second contract area (COC No. 146) is located in the province of Isabela containing three coal blocks. One coal block is equivalent to 1,000 hectares.