Philippines Firm Marcventures Merges with Pair of Bauxite Mining Entities
03 January 2018 by Staff
The government of the Philippines has approved the merger of Marcventures Holdings Incorporated and the mining firms Brightgreen Resources Holdings Incorporated (BHI) and Asia Pilot Mining Philippines Corporation (APMPC).
According to regional media, BHI and APMPC will be folded into Marcventures, making it the surviving entity.
APMPC is the parent entity of Alumina Mining Philippines Incorporated (AMPI). AMPI holds mining rights over 16,500 acres in Motiong in San Jose De Buan and Wright on Samar Island in the Philippines’ Eastern Visayas region. APMPC is also the owner of Bauxite Resources Incorporated (BARI), which holds mining rights over an additional 13,400 acres in Gandara in San Jose de Buan and Wright on Samar Island.
APMPC’s resources join those of BHI, which is the parent company of BrightGreen Resources Corporation, holder of mining rights over 12,000 acres Carrascal and Cantilan in Surigao del Sur in the Caraga region in Mindanao.
“The merger will allow Marcventures to grow its business, diversify its products and expand its source of income,” said the firm in a disclosure. “Bauxite has been observed to be more stable in prices as compared to other commodities even during the slump of metal prices.”
Marcventures continued by saying that the merger will also allow it to pursue opportunities in mining nickel by increasing nickel reserves. The company holds mining rights over 11,800 acres in Cantilan, Surigao del Sur, Mindanao, where it has largely been harvesting nickel ore for the past three years.