Marcventures buys outlone Philippines bauxite miner
MANILA, Philippines - Marcventures Holdings Inc. and Asia Pilot Mining Philippines Corp. have entered into a term sheet that will finalize their merger.
In a disclosure to the local bourse, Marcventures said it agreed to issue 675 million shares at P2.20 per share, equivalent to P1.48 billion, in favor of the shareholders of Asia Pilot.
Marcventures is set to become the only company that can extract bauxite, an aluminum ore, following its acquisition of Asia Pilot and the holding company of BrightGreen Resources Corp.
Asia Pilot is the owner of Alumina Mining Philippines Inc. with a mineral production sharing agreement covering close to 6,700 hectares and Bauxite Resources Inc. with an area over 5,400 hectares, both in Samar province.
The two sites have an aggregate
measured and indicated resource of 116.4 million metric tons of bauxite.
Marcventures and the shareholders of BrightGreen, on the other hand, have yet to finalize their agreement.
BrightGreen holds an MPSA covering 4,860 hectares in Carrascal and Cantilan, Surigao del Sur.
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