In a bid to expand its business operations, publicly listed Marcventures Holdings Inc. said on Monday that it plans to merge with two other miners, Asia Pilot Mining Philippines and BrightGreen Resources Holdings Inc. (BHI).
Marcventures Assistant Corporate Secretary Diane Madelyn C. Ching told the Philippine Stock Exchange that Marcventures will be the surviving entity in the merger.
Marcventures will issue 675,000,000 shares in favor of Asia Pilot shareholders and 450,000,000 shares in favor of BHI shareholders.
BrightGreen will help Marcventures increase its nickel reserves for a possible foray into nickel processing. BHI holds a mineral production sharing agreement (MPSA) covering approximately 4,860 hectares in Surigao del Sur.
Asia Pilot on the other hand, owns Alumina Mining Philippines Inc. (AMPI), which holds an MPSA of over 6,694 hectares of mining area in Samar. It also owns Bauxite Resources Inc. (BARI), which holds an MPSA for 5,435 hectares in the same province.
According to Marcventures. “The merger with APMPC will allow Marcventures to gain control of AMPI and BARI, whose mineral resource is Bauxite Ore—the main raw material of aluminium.”
Marcventures Mining and Development Corporation (MMDC) produces Nickel Ores which are all exported to China. MMDC’s main market continues to be China but recent marketing efforts may allow it to gain new buyers from Japan and other Asian countries.