JDVC Resources Corp. teamed up with food entrepreneur Frank Lao of the Choi Garden Restaurant group for the country’s first offshore magnetite iron mining project in Cagayan.
JDVC is a majority-owned subsidiary of listed company Apollo Global Capital Ltd. while Lao owns Gloria Maris in Greenhills, San Juan.
Lao confirmed the joint venture for the magnetite mining project, which involves an estimated 512 million metric tons and mining life of 47 years. The project is expected to start in January.
Under a mine consortium agreement with JDVC, Lao acquired two deep-sea mining vessels with a net capacity of 10,000 tons per day.
“Building an offshore boat will cost around $20 million,” Lao said when asked for comment over the weekend.
The ships are expected to arrive in January, joining another vessel already deployed by JDVC.
JDVC has also secured the full range of required mining, environmental, and export licenses and permits from the Philippine government.