VULCAN Industrial & Mining Corp. sold its rights and interests at two of its sites in Negros Occidental to United Paragon Mining Corp. on Thursday.
United Paragon claimed in its regulatory filing that it had an act of assignment with Vulcan to protect the privileges, interests and involvement of Vulcan in the Hinobaan and Sipalay locations.
Prior to the move, Vulcan kept the Mining and Geosciences Bureau (MGB) Mining and Geosciences Bureau (MGB) data for 477 hectares of Hinobaan and 866 hectares of Sipalay sites as of December 2020.
Both areas were used for research operations, data from MGB shows.
The act of assignment is subject to the consent of the office, United Paragon said. It was authorised by the Ministry of Environment and Natural Resources, Roy A. Cimatu, on Dec. 22, 2020, it said.
In a letter addressed to United Paragon President Gerard Antonio S. Ramos, MGB Region 6 Director Raul A. Laput claimed that the organization was expected to file a declaration of viability of the mining project following the acceptance of the assignment.