SEC approves incorporation of Surigao mining firm

MANILA, Philippines - The corporate regulator has approved the incorporation of Marcventures Minerals Holdings, Inc., a major stockholder of which includes the owner of another mining firm in Surigao del Sur whose operations have been opposed by environmental groups and church leaders. The company has a billion shares worth a peso each. A fourth of the shares have been subscribed to, but only 17.5 million have been paid for, documents from the Securities and Exchange Commission showed. Marcventures Minerals said it would promote, operate, manage, hold or invest in other mining companies. An official of Marventures Minerals declined to provide details of the company’s plans. Among the firm’s stockholders is businessman Mario G. Vijungco, who subscribed to 25 million shares and is the owner of Surigao del Sur-based MarcVentures Mining and Development Corp. The other investors are VGM Development Corp. (212.5 million shares), which is also owned by Mr. Vijungco, DCH Prime Holdings Filipino Corp. (112.49 million shares), Cesar Dy (100 million shares), Arturo L. Tiu (50 million shares), Ramon A. Recto and Lemuel M. Santos (1,000 shares each). MarcVentures Mining has a mineral production sharing agreement to mine 4,799 hectares of Cantilan, Surigao del Sur for nickel and gold, based on a June 30 report by the Mines and Geosciences Bureau. Despite getting the support of the provincial capitol, its operations are opposed by the mayor, environmental groups and the province’s bishop. Surigao Del Sur Governor Vicente T. Pimentel, Jr. earlier said mining could help alleviate poverty in the province since it would provide employment to residents. The groups resisting it, however, have countered that few jobs would be created since most of the work would done by huge machineries, while damaging the environment. — Don Gil K. Carreon, BusinessWorld