DMCI Holdings Inc. of the Consunji Group is looking to expand its mining portfolio by acquiring copper and gold mines.
DMCI president and chief executive Isidro Consunji said during the company’s annual shareholders meeting the group was looking at “large mining assets”.
“We are currently looking at large mining assets, probably copper and gold and maybe an additional coal mine in Mindanao,” Consunji said,
The conglomerate’s mining assets include nickel mines in Zambales and Palawan.
Consunji also said the company was looking to obtain regulatory approval and permits to operate two new mining areas in Zambales and Palawan.
“Right now, we have various assets that are not being operational waiting for perfection of the required operational licenses and permits,” Consunji said.
“A lot of these projects are expected to be completed before the end of his year. Hopefully two areas in particular, one in Zambales and one in Longpoint, Palawan should be operational before the end of this year,” he said.
Consunji said the expansion plans of core businesses would sustain its growth momentum in 2024 despite the decline in coal prices.
He said Calaca unit 2 with 300-megawatt capacity under Semirara Mining and Power Corp. would resume operations on or before the end of May after repair, while DMCI Power would add 40 MW of capacity.
The group’s real estate business under DMCI Homes is also expected to return to pre-pandemic levels next year. Jenniffer B. Austria
He said DMCI Homes is now focused on selling its unsold inventory. The group’s recent acquisition of Cemex Holdings Philippines (CHP) will also help rebalance its portfolio, he said.
Consunji also reported that the company would keep CHP listed in the stock exchange even after conducting a mandatory tender offer to acquire shares owned by minority shareholders.
“We believe that maintaining its public status offers greater financial flexibility and enhances our credibility in the market,” Consunji said.
He expects to complete the acquisition, subject to regulatory approvals, to be completed before the end of 2024.
“Turning CHP around will take some time and a lot of hard work, but the potential returns are well worth the investment. By manufacturing our own cement, we can strengthen our internal ecosystem, boost our competitive advantage and strategically position the DMCI group for the nationwide infrastructure boom,” Consunji said.
DMCI said in April it would acquire all of Cemex Asia B.V.’s shares in Cemex Asian South East Corp., which owned 89.86 percent of CHP, for $305.6 million.
