Omico president and chief executive officer Tommy Tia said Ivanhoe has committed to spend $5.45 million for the exploration of the mine site.
Ivanhoe is an international mining company with operations focused in the Asia Pacific region. Its core assets are the Oyu Tolgoi copper and gold project, one of the world’s largest copper deposits, and the Nariin Sukhait coal project in southern Mongolia, and other mineral rights it holds or controls in Mongolia, where additional coal, copper and gold discoveries are being evaluated.
Ivanhoe is also exploring for copper and gold in the Chinese province of Inner Mongolia and in the Cloncurry District in Queensland, Australia.
Omico earlier raised its capital stock to P2 billion to fund the acquisition of additional mining claims, its exploration activities and real estate development projects.
Tia said the company continues to focus on mining and property development to improve its cash flow.
Late last year, Omico signed a joint venture agreement with Robinsons Homes Inc. for the development of its 9,372-square-meter property in Tagaytay into a high density residential subdivision consisting of five-story residential condominium buildings.
Robinsons Homes, the housing development division of Robinsons Land Corp., the property arm of the Gokongwei group of companies, is the developer of the project while Omico is the landowner.
Omico is licensed to operate, prospect mine and deal with ores, metals and minerals such as gold, silver, copper, lead, zinc, brass, iron, steel, limestone and their by-products.
In 1993, a massive landslide halted the company’s mining operations, resulting in the cessation of all its exploration activities and diversification into property and investment holding activities.