MANILA, Aug. 13 (Xinhua) -- Two of the Philippines' business giants, SM Investments and DMCI Holdings, are laying the groundwork to build the country's largest mining company through strategic equity consolidation, local media reported Wednesday.
Dominion Holdings Inc., a Philippine-listed shell entity, is being positioned as the corporate vehicle to house the consolidated mining stakes.
According to the reports, Dominion President Frederic DyBuncio, who also serves as President and CEO of SM Investments, confirmed that equity restructuring among the companies involved is moving forward to create the country's leading mining group in the future.
Upon completion, Dominion is expected to hold consolidated equity positions in two premier domestic copper-gold deposits: the Atlas copper-gold mine in Cebu, central Philippines, and the Tampakan project in South Cotabato, Mindanao.
The Tampakan project, widely considered one of Southeast Asia's largest copper-gold deposits, is currently in pre-development with key consortium stakeholders, targeting operations as early as 2028, according to DyBuncio. ■