MacroAsia hikes stake in miner

Posted at 12/15/12 9:56 AM

MANILA, Philippines - Lucio Tan-led aviation support unit MacroAsia Corp. is increasing its stake in MacroAsia Mining Corp. (MMC) from 67 percent to 100 percent.

In a disclosure to the Philippine Stock Exchange, MacroAsia said it acquired 8.25 million common shares of MMC from two other shareholders.

MacroAsia’s board also resolved to increase the paid-up capital of its 100 percent owned unit Airport Specialists Services Corp. by an additional P10 million as payment for shares already subscribed by MacroAsia.

In September, MacroAsia announced it acquired 123 mining claims in Negros Occidental, covered by an operating agreement with Philex Mining Corp. as the group hopes to go full blast into mining.

Bulawan Mining Corp. and PNB Management & Development Corp. transferred to MacroAsia all rights, interests and obligations under their operating deals with Philex which include the Bulawan gold mine.

The rights assigned by Bumico involve 62 mining claims, of which six are covered by a mining lease contract and were subject to mining operations by Philex from 1996-2002.

MacroAsia holds two Mineral Production Sharing Agreements (MPSA) with the government due to the renewal of mining leases that the company held as a mining company from its startup years in the 1970s.

Its more advanced project, the 1,114-hectare Infanta mine located in Brooke’s Point, Palawan reportedly has proven reserves of at least 88 million tons of nickle ore and could produce one million tons of nickel laterite annually.

MacroAsia is engaged primarily in aviation-related support businesses, providing aircraft maintenance, repairs and overhaul services, charter flight services, airport ground handling services and in-flight catering services and operates a special economic zone at the Ninoy Aquino International Airport.

MacroAsia has been diversifying into other businesses such as mining and water distribution to soften the impact of rising fuel prices as well as the lingering crises in Europe and the US.

For this year, the company expects its profit to decline to P246 million from P306.62 million in 2011.

MacroAsia, however, expects to return to growth in 2013 with net earnings seen to reach over P300 million.