Abra Mining seeks new investors

MANILA, Philippines - Listed Abra Mining and Industrial Corporation is scouting for business partners and investors to improve its existing operations in Abra province, the company announced yesterday.

In a regulatory filing, the company said it board has authorized, during the meeting on March 1, its chairman Jeremias B. Beloy to “explore, negotiate, transact and enter into mutually beneficial agreements” with partners, investors or financial institutions for possible partnerships and financing schemes.

The company is engaged in large scale mining and quarrying activities for at least four mining projects in the province of Abra.

It’s business consist of mining and trade of limestone, lime, shale, silica, sand, gold, silver, copper, zinc, and magnetite.

“There is a need to infuse additional capital and financial resources to augment existing fleet of machineries and equipment as well as capital funds for operating and administrative expenditure,” said the company. 

The company said there have been proposals from prospective partners and investors who could provide financal resources to improve its mining and quarrying activities.

“It is imperative to pursue such proposals, offers and letters of intent in the light of the anticipated resiurgence and increased interest in the mining and other allied industries,” said the company.