PMDC AWARDS WINNING BIDDERS FOR THE EXPLORATIONS & DEVELOPMENT
OF FIVE OF ITS MINING PROPERTIES
The Philippine Mining Development Corporation (PMDC) awarded to five (5) winning bidders the exploration, development and mining operations of its five (5) mining properties. These properties are part of the 65 cancelled mining tenements turned over by the DENR to the PMDC for exploration and development.
The awarded properties represent the 3rd batch of cancelled tenements bidded out by the PMDC. The companies that were awarded the bids were: 1) Vic-Soc Mining Corporation, for the Palawan Silica Property; 2) Mabuhay Filcement Inc., for the San Fernando Limestone in Cebu; 3) Masada Resources and Mining Corporation, for the Rogongon Copper Gold in Iligan City; 4) SBG 3A Corporation for the Malitbog Chromite Property in Bukidnon; and 5) Mt. Sinai Mining Exploration and Development Corporation for the Pantukan Alluvial Gold Property in Compostela Valley.
The winning bidders were among the seven companies which were pre-qualified to participate in the bidding by the PMDC Bids and Awards Committee. Vic-Soc Mining Corporation was incorporated in March, 2005 with an authorized capital stock of Php 40M. It currently has three (3) other mining claims located in Romblon, Oriental Mindoro, and Palawan. Mabuhay Filcement, Inc., on the other hand, was incorporated in June, 2008 with an authorized capital stock of Php 10M. It was formerly called the First Cement, Inc.
Masada Resources and Mining Corporation was incorporated in April 2005 with an authorized capital stock of Php 40M. The company has previously been awarded the exploration and development of three other PMDC mining properties, i.e. gold and 2 chromite properties. Mt. Sinai Mining Exploration and Development Corporation was incorporated in April 2005. It has an authorized capital stock of Php 40M, and was previously awarded two PMDC chromite properties. Mt. Sinai also has an existing mining claim in the Homonhon Island. Lastly, SBG 3A Corporation was incorporated in May 2008 with an authorized capital stock of Php10M
The opening of the bids was held on May 4, 2009, except for the Pantukan Alluvial Gold Property which was moved to May 11, 2009, as requested by the bidders.
(Date Posted: June 24, 2009)