AbaCore Capital Holdings, Inc. has formed a joint venture with A Brown Co., Inc. to pursue energy and mining ventures.
The listed mining business disclosed in a regulatory filing on Tuesday that it had concluded a memorandum of understanding with A Brown for the aforementioned ventures.
Under the terms of the agreement, AbaCore’s associates with properties in its energy center in Batangas would provide a location for Vires Energy Corp., a wholly owned subsidiary of A Brown, to construct a liquefied natural gas regasification and power plant.
“[AbaCore] would cause its affiliates to move approximately 20,000 square meters of land in the energy hub for the purpose of constructing the energy project at a cost of P9,500 per square meter payable in cash by [A Brown],” the disclosure said.
Vires Energy received notification to continue with its natural gas project from the Department of Energy on April 22 in Batangas, the company said. Batangas is also the site of AbaCore’s energy center.
A Brown would also participate in the mining activities of AbaCore’s affiliate Abacus Goldmines Exploration and Development Corp., which has a subscribed and paid-up capital of P500 million.
Abacus owns 102 mining claims covering a region of 6,731 hectares in Mindanao.
“The gold opportunities are located in the newly developing gold districts of Davao del Norte, Agusan del-Sur, and Agusan del Norte, where a variety of workable gold reserves have been discovered,” according to the disclosure.