APC Group in talks with foreign firms

APC Group Inc. is in talks with foreign companies based in China, India and Australia  for possible joint venture projects in the mining sector.

APC chairman and president Willy Ocier said these foreign investor groups have expressed interest to join the listed holding firm in its mineral exploration activities but no agreement has yet been reached with any of these parties.

Ocier said the company is now exploring for gold, copper and chromite in a 2,673 hectare property in Alubijid, Misamis Oriental which is believed to have reserves of 900,000 metric tons of chromite.

APC is also undertaking exploration activities in Palawan, specifically in Narra and Brookes Point, which have good potential for nickel.

Aside from this, APC is exploring a 271-hectare property in the province of Surigao del Sur.

“Our plan is to jumpstart at least three exploration projects before the year ends,” said Ocier.

Ocier said the company is spending $21 million for these exploration activities.

APC, through power unit Aragorn Power Energy Corp., earlier signed a farm-in agreement with Monte Oro Resources & Energy Inc.  with respect to service contract no. 48, which covers a total of 748,000 hectares in Cagayan Valley.

The APC Group,  which is controlled by leisure and gaming firm Belle Corp., is seeking to become a major player in the mining, oil, and gas businesses.