MANILA, Philippines - Sources said Ongpin’s group was one of those parties that signified interest in acquiring or forging a joint venture with Omico, which has an ongoing gold exploration project in Itogon, Benguet.
After fully divesting its stake in copper-gold producer Philex Mining Corp., Ongpin’s group has acquired Atok Big Wedge Co. Inc. which will serve as the corporate vehicle for its mining and oil exploration business.
Atok is particularly keen on gold mining due to the relatively low capital it requires compared with other minerals. In February, company officials said they were negotiating for “shares in existing service contracts” and eyeing new oil and gas projects in the US, particularly in the states of Texas and Louisiana.
Atok currently has gold mining interest through subsidiary Atok Gold Mining Co. Inc. which controls a mine near Baguio City with a projected a startup volume of 50 tons to 75 tons per day, or grading 10 grams gold per ton by 2010.
Property and mining firm Omico is in need of fresh capital to jumpstart the development of the Macawiwili mining property in Itogon after Canadian mining firm Ivanhoe Mines Ltd backed out of a joint venture agreed upon in April 2007. Under the aborted deal, Ivanhoe was supposed to invest initially up to $5.45 million in the exploration of the Itogon mine.
Omico recently raised the authorized capital stock of subsidiary Omico- Ivanhoe Mining Inc. from P10 million to P100 million to fund the exploration of the mine site. Its board likewise approved the change of corporate name of its unit to Cordillera Mining Inc., Omico Mining Inc. or Ampucao Mining Inc. Omico officials earlier said the company was allotting more than P20 million for the initial development of the mine site, which is owned by the Macawiwili Gold Mining & Development Corp. (MGMDC).
Omico entered into an agreement with MGMDC to operate the latter’s 119 mining claims on 837 hectares in Itogon in September 1968. In January 1996, Omico and MGMDC extended their mining agreement for another 25 years or until 2021.
The company secured in April this year an MPSA from the Department of Environment and Natural Resources (DENR), allowing it to jumpstart the exploration and development of the mine site in Itogon.
Omico is licensed to operate, prospect, mine and deal with all kinds of ores, metals and minerals. It is also engaged in property investment and development of low-cost subdivision housing units. It has a joint venture with Robinsons Homes Inc. to jointly develop three parcels of land located in Tagaytay City into a two-phase residential subdivision, consisting of five-storey residential condominium buildings dubbed The Welling-ton Courtyard Tagaytay.
Omico also has an agreement with Sta. Lucia Realty and Development Inc., Asian Pacific Estates Development Corporation (APEDC) and Asian Empire Corporation (AEC), whereby Sta. Lucia will develop into residential and commercial subdivisions properties located in Pinmaludpod, Urdaneta and owned by OM, APEDC and AEC.