APC Mining seeks DENR exploration permit

APC Mining Corp., the mining concern of listed investment holding company APC Group Inc., is seeking an exploration permit from the Department of Environment & Natural Resources (DENR) covering an area of 2,787 hectares in the province of Palawan.

In a disclosure to the Philippine Stock Exchange, APC Mining said the area is located at Brooke’s Point in Southern Palawan, which is known to contain nickel and chromite deposits.

The area is adjacent to the mining claims of MacroAsia Corp., the listed aviation service company of tobacco and beer magnate Lucio Tan, and Celestial Nickel Mining Corp.

According to a report of the Mines and Geosciences Bureau, there are reserves of 8.6 million metric tons of ore with 1.75-percent to 2.2-percent nickel in the Brooke’s Point area.

APC Mining has so far filed for six exploration permits in the provinces of Zambales, Misamis Oriental and Palawan, bringing the applied aggregate area to 19,801 hectares basically containing chromite and nickel.

Once the exploration works prove the presence of mineable deposits at commercial quantities, APC Mining will conduct exploration activities and will apply for a mineral production sharing agreement with the DENR in all the areas covered.

APC Group, controlled by leisure and gaming firm Belle Corp., has set aside $10 million for its foray into coal and energy exploration and mining over a three-year period as it seeks to become a major player in these industries.

The group is in talks with several foreign companies for possible partnerships but nothing has been finalized yet.

APC Mining was formed by the APC Group in 2006 along with Aragorn Power & Energy Corp. and Aragorn Coal & Resources Inc. in line with efforts to boost profitability and dispose of non-performing assets.

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 estimated that the country’s mineral wealth is estimated at between $800 billion to $1 trillion.