ANGLO PHILIPPINE HOLDINGS CORPORATION
 
 
 
 
NATURAL RESOURCES

As of December 31, 2013, the Company owns 8.27% of Atlas Consolidated Mining & Development Corporation (AT) which posted a net income of P1.9 billion in 2013 compared to P3.4 billion in 2012. AT has two (2) significant subsidiaries, namely: (a) Carmen Copper Corporation, which shipped 154,376 dmt of copper concentrate at an average of 26.933% Cu and posted a net income of P2.6 billion in 2013, compared to P3.3 billion in 2012, and (b) Berong Nickel Corporation, which shipped a total of 601,955 wmt of nickel laterite ore and posted a net loss of P32.5 million in 2013, compared to P196.3 million in 2012.

The consecutive earnings performance of Atlas in 2011 and 2012 enabled it to declare a cash dividend of P0.25/share, which was paid in April 2013.

For the first quarter of 2014, Atlas has posted a net income of P117.6 million , while subsidiaries CCC and BNC have registered P275.2 million and P1.3 million, respectively. Atlas will continue to ramp up its production and milling capacity in both CCC and BNC to yield higher ore production.  The Company has declared a cash dividend of P0.15/ share payable on June 9, 2014.

 

In September 2013, the Company purchased additional shares in The Philodrill Corporation (OV) to increase its ownership from 1.71% to 11.87%. OV posted a consolidated net income of P312.2 million in 2013, compared to P302.7 million in 2012.

As of end-March 2014, Philodrill has posted a net income of P151.63 million  as compared to P67.9 million as of end-March 2014.  The Company received a total of P11.39 million in cash dividends from Philodrill  on March 31, 2014.

The Company likewise continues to hold interests in the following Oil Exploration contracts:

Service Contract 6A                Octon, NW Palawan                 3.33000 %
Service Contract 14D              Tara, NW Palawan                    2.50000 %
Service Contract 41                 Sulu Sea                                    1.67900 %
Service Contract 53                 Onshore Mindoro                     5.00000 %
SWAN Block                          NW Palawan                           33.57800 %

SC 6A (Octon), the operator, Pitkin Petroleum, completed a new 3D seismic survey of the block. Processing and interpretation of the new 3D seismic data is ongoing at Fairfield in Vietnam.

In SC 14 (Tara), the DOE, in a letter dated July 22, 2013,  disapproved the transfer of participating interests to farminees, Peak Oil, Blade Petroleum, and VenturOil, as well as the transfer of operatorship to Peak Oil for failure of the latter to submit the required qualification documents to the DOE despite the lapse of more than one (1) year.

In SC 53 (Mindoro), the operator, Pitkin Petroleum, is finalising preparations for the drilling of the Progreso prospect in late 2014.

In Area 15 (Sulu Sea), the DOE will reportedly re-bid the area. Anglo has an option to acquire a portion of Philodrill’s interest in Area 15 in the event that bidders, Philodrill and Philex, are awarded the contract for Area 15.

SWAN Block - The consortium awaits PNOC-EC’s evaluation of the merits of the offer to swap a portion of the consortium’s interest in some blocks in exchange for interests in SC-57 and SC-58, which cover the old SWAN block. 

On December 18, 2012, the Company acquired 100% ownership of Vulcan Materials Corporation(VMC), a company engaged in the exploration, development and production of mineral and aggregates resources.

Vulcan Materials Corporation (VMC)  posted a net income of P2.3 million in 2013 compared to a net loss of P24.16 million in 2012.

The Company owns 21.81% of United Paragon Mining Corporation (UPMC) which holds highly prospective gold mining properties in the Bicol area. UPMC posted a net loss of P82.3 million in 2013 compared to a net loss of P79.0 million in 2012, as its mining and milling operations remain suspended while awaiting renewed permits for its mining areas. As of end-March 2014, UPMC has posted a net loss of P17 million.

PROPERTY DEVELOPMENT

The Company owns 15.79% of North Triangle Depot Commercial Corporation (NTDCC) which owns and operates the Trinoma mall in Quezon City. NTDCC posted an audited net income of P398.4 million for 2013 compared to P351.71 million for 2012,  and paid the Company a total of P49.98 million in cash dividends and P31.58 million in redemption of preferred shares in 2013. For the current year, NTDCC has so far registered earnings of about P100.03 million as of March 2014,  and paid the Company P15.79 million in redemption of preferred shares on April 2, 2014.

The Company continues to maintain 15.79% interest in MRT Development Corp. which generates revenues from concessionaire rentals and advertising fees in the MRT 3 stations. Plans to develop the perimeter lot pads in the MRT 3 North Triangle depot are being finalized by Ayala Land Inc. and Global Estate Resorts, Inc.

The Company sold all its shares in Shang Properties, Inc. in August 2013.

 
 
     
   
 
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