Project Mina (Chromite Mining Right)Listing: #OR00479
About this Business for sale in MindanaoProject Mina (Chromite Mining Right)
Project MINA was established in 2008. In the following year (2009), the company was granted a mining right under a Joint Operating Agreement (JOA) with the Philippine Mining and Development Corporation (PMDC). The JOA with PMDC is a 25-year contract to explore, develop, extract, and utilize Chromite Ore in a 170-hectare property in Mindanao, Philippines. It also includes the terms and conditions for mineral production sharing with the national government.
The mining site is located close to the port, around 35 kilometers to the Mindanao Container Terminal and 50 kilometers to Cagayan de Oro Port. Both harbors allow the export of mineral ores.
An abundantly flowing river traverses through the site. Though electricity is available in the area, additional power generating supply would be needed for mining operations. Sufficient workforce is available around the vicinity.
Project MINA completed the initial stages of exploration within a year, from 2009 to 2010. The company established the first and second pits and extracted 500 tons of chromium ore. Mine development ended in July 2010 to pave the way for further systematic exploration and development.
In 2011, the company engaged consultants to undertake an Investment Conditions Survey. Due to the less than favorable world market price of chromite that ensued at the time, the project was stopped in 2012.
Project MINA is looking for an investor who will take over and continue the project. The company is willing to assist the investor in progressing the project with PMDC, including an extension of the contract beyond 2034, if needed.
Would you be interested to know more?
If so, we would be happy to arrange a video call to talk about the business, and share more detailed information.
For inquiries, contact your Business Brokers below.
Corporate Business Broker
M: +63 917 531 4100 (Globe)
M: +63 977 849 2295 (Globe)
Gerard Anthony Gerona
M: +63 998 468 9366 (Smart)
+63 2 7900 8000
+63 917 531 4100
*Profit: Sellers Discretionary Earnings, also known as EBPITD (Earnings Before Proprietors Compensation, Interest, Tax and Depreciation). This is the estimated total discretionary earnings (profit) for a business, usually based on historical trading.