China firm, Solar group in P1-B mining venture

China Non-Ferrous Metal Mining (Group) Co. Ltd (CNMC) is extending its geographic footprint in Asia with the establishment of a P1-billion mining company in the Philippines in partnership with Solar Entertainment Corp.’s Wilson Tieng.

The new firm dubbed CNMC Mining & Development Corp. (CNMC-MDC) has applied for business registration with the Securities and Exchange Commission.

Out of its P1 billion initial authorized capital stock, P250 million has been made P62.5 million paid for.

The Tiengs subscribed to P149.99 million worth of shares while CNMC made a P99.995-million subscription.

The establishment of CNMC-MDC marks the entry of the Tieng family into the highly-lucrative mining industry.

The Tieng family which owns the highly-rated cable TV stations Solar Sports, Sports Plus, Crime and Suspense, Jack TV, ETTV and ETC 2nd Ave., has set up CNMC Mining & Development Corp. 

Wilson is considered one of the entertainment industry’s godfathers because of his contributions as a film and TV producer.

Together with brothers William and Willy, Wilson formed Solar Entertainment. He successfully led the company, “establishing a formidable track record in the promotion of various forms of entertainment.”