In a news statement released Tuesday by Nationwide Development Corporation, or Nadecor, President and CEO Jose de Jesus said that a “mining firm led by Manuel Paolo Villar" subscribed to 30 million common shares worth P1.8 billion or 25 percent of the Nadecor's outstanding capital stock.

The statement also quoted Nadecor principal shareholder Jose G. Ricafort saying, “The entry of Mr. Villar into Nadecor greatly enhances the company’s ability to complete the development of the mining property – and we are well on our way to proceed with our production time table."

Sen. Manuel “Manny" Villar Jr. has a son named Manuel Paolo Villar III.

Also, a June 15 report by the Manila Standard Today said that Nadecor shareholders ratified the sale of unissued outstanding shares of Nadecor to Villar-owned Queensberry Mining and Development Corp. in a stockholders’ meeting held June 13.

According to the press release, Nadecor is the holder of MPSA 009-92-XI covering 1,656 hectares. The mining site has an estimated gold deposits of 10.3 million ounces and copper deposits of 5.4 billion pounds. — DVM, GMA News