Olongapo SubicBay BatangGapo Newscenter

Thursday, October 01, 2009

DMCI sells port facility in Zambales

Publicly listed DMCI Holdings Inc. has sold its port facility in Zambales to a Fil-Australian mining firm.

In a disclosure to the local bourse on Thursday, the Consunji-led firm said Montemina Resources Corp. now owns the company's 78,318-square meter port facility in Sta. Cruz, Zambales province.

Montemina is 40% owned by Australian mining firm Fil-Asia Strategic Resources and Properties Inc. The firm's Filipino shareholders are Paul Azarcon and Florencio Kennedy Coronel.

DMCI did not disclose the amount raised from the sale of the property, which was previously used by its mining unit for nickel operations.

"Under the terms of the agreement, DMCI, even subsequent to the transfer, shall the right to use the port facility for a period co-terminous to the effectivity of the tenurial instrument granted by the government for the use of the foreshore land where the port facility is located," DMCI said.

The sale of DMCI's port facility in Zambales came after DMCI Mining Corp. suspended its nickel and ore mining activities in the province. This was largely due to prevailing low nickel prices in the world market. ABS CBN NEWS

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