Newly listed Century Peak to go into power generation

MANILA, Philippines - Filipino-Chinese nickel mining firm Century Peak Metals Holdings Corp. is ramping up its diversification by putting up several mini-hydroelectric facilities all over the country.

Century Peak Energy Corp. (CPEC), a wholly-owned unit of the newly-listed mining firm, has signed 18 service contracts with the Department of Energy (DOE) recently.

CPEC’s projects are included in the list of new renewable energy projects which could generate $2.2 billion in fresh investments for the Philippines over the medium-term.

CPEC vice president Alice Cheng told reporters that this will mark the first time the group will engage in the power generation business.

“We are basically into mining (nickel) business in Surigao and Dinagat. But we see great potential in developing RE (renewable energy) sources,” she said.

Cheng said they were given the go signal by the DOE to implement 18 mini-hydropower plant projects with a total capacity of 75.4 megawatts (MW) and will require $150 million in investments.

These mini-hydro facilities would be put up in Benguet, Negros Occidental, Iloilo and Antique.

She said the company is starting its first project in Igbaras, Iloilo for a six-MW facility.

According to Cheng, it would take at least six months to complete the feasibility study on the first site.

She said they would need another six months to complete the project documentation and permits.

The company, she said, would also be looking at bigger hydro projects, or those with more than 10-MW capacities.

Hydro plants are classified based on their capacities, micro-hydro – one to 100 kw; mini-hydro – 101 kw to 10 MW; and large hydro - more than 10 MW. The total untapped hydropower resource potential of the country is estimated at 13,097 MW, of which 85 percent are considered large and small hydros (11,223 MW), 14 percent (1,847 MW) are classified as mini-hydros while less than one percent (27 MW) are considered micro-hydros.

The CPEC executive said they plan to establish the bigger hydro projects in the Panay area.

Aside from hydro, she said they are also eyeing other RE projects such as wind power.

Century Peak has a diverse business portfolio and in China. Formerly known as Fil Hispano Corp., the company is specifically engaged in mining and conversion of mineral resources and was recently listed at the Philippine Stock Exchange.

The holding firm operates two other units: Century Peak Corp. (CPC), which is engaged in the mining of resources in the Philippines, such as iron ore, copper, gold, silver, lead, manganese, chromites and nickel; and Century Hua Guang Smelting Inc. (CHG), which is engaged in the conversion, smelting, treating, refining and manufacturing of minerals.

The company’s properties include the Casiguran nickel project in Dinagat Island and the Acoje property in Zambales.