Listed holding company AbaCore Capital Holdings Inc. is a few steps away from cashing in its coal asset in Surigao del Sur after obtaining a necessary regulatory approval.
AbaCore said in a disclosure its subsidiary Abacus Coal Exploration and Development Corp (Abacoal) secured a certification of precondition from the National Commission on Indigenous Peoples.
This means Abacoal complied with the procedure and process requirements in securing the free and prior informed consent of the Manobo indigenous cultural communities residing in the towns of Marihatag, Cagwait, Tago and Bayabas.
“We are pleased to hear that the indigenous peoples in Surigao del Sur have accepted our plan to responsibly monetize our coal assets in the area,” said Raul de Mesa, president, chair and CEO of AbaCore.
“While we believe this initiative will diversify the income sources of [AbaCore], we are also fully committed to ensuring that the work we do will not adversely impact the environment and the communities that live near our coal assets,” added de Mesa.
In July, Abacoal sealed a deal with Oriental Vision Mining Philippines Corp. (ORVI) to start developing coal mines in the province covering 3,000 hectares. ORVI had committed to developing these blocks within six to 12 months.
“Considering the current high prices of coal in the world market, this venture will allow [AbaCore] to increase its revenue and bottom line and further strengthen its balance sheet and liquidity,” de Mesa had said. INQ
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