Ongpin group plans to go into oil, mining

MANILA, Philippines - A group led by former trade minister Roberto V. Ongpin, who has pulled off a string of acquisitions in the past 18 months, is further enlarging its business portfolio in the country with plans to make an aggressive push into the lucrative oil and mining industries.

On the sidelines of Alphaland Corp.’s annual stockholders meeting Friday, company vice-chairman Eric O. Recto said the group has set up a new company, Tidemark Energy Corp., that will serve as its vehicle for its oil and gas exploration initiatives.

Recto said listed mining firm Atok Big Wedge, which the Ongpin group acquired last year, will take charge of their mining business, pointing out that Atok is particularly keen on copper gold mining which requires a meager start-up capital. 

Ongpin, on other hand, said the group is in talks with several private foreign firms to acquire additional investments in other mining, oil, gas and natural resource assets.

On the local front, the group is planning to acquire shares in existing service contracts, particularly in gold and copper.

Ongpin also confirmed that the group is interested in some of Omico’s mining assets “We’re looking at Omico but no deal has been finalized,” he said.

Omico has seen massive trading volume in recent weeks on takeover speculation that pushed its stock to reach its 52-week high of P0.014 each share.

Omico, a property and mining firm, needs cash to jumpstart the development of the Macawiwili mining property in Itogon following the withdrawal by Canadian mining firm Ivanhoe Mines Ltd from 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.

Ongpin’s group, which includes British investment firm Ashmore has acquired at least 80 percent of Atok, which 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.

The Ongpin-Ashmore Group’s investment portfolio in the Philippines also includes Philweb Corp., ISM Communications Corp., San Miguel Corp., and Macondray Corp.