Vulcan Materials Corporation
Vulcan Materials Corporation (VMC) (100% owned) posted a net loss of P11.6 million for 2016, compared to a net loss of P9.0 million in 2015.
VMC decided to discontinue its Montalban Quarry operations due to unfavorable operation results as of September 2016. Subsequently, VMC entered into an agreement for the sale of the crushing plant and assignment of VMC’s rights to explore, develop, operate and utilize the Montalban quarry in favor of Solid Integrated Co., Inc. for P20 million, subject to certain conditions. VMC has received a fullpayment of P20 million and is working with SICI for the satisfaction of all conditions.
VMC is involved in the exploration and development of the following mineral and aggregates resources:
- MPSA No. 003-90-IX - Loreto, Dinagat Island
- MPSA No. 091-97-VI - Batangas City, Batangas
- MPSA No. 070-97-IV - Rodriguez, Rizal
- APSA No. 000035-III - Subic, Zambales
- APSA No. 00001164-I - Bolinao, Pangasinan
- APSA No. 000275-II - Gapan, Penaranda& Gen. Tinio, Nueva Ecija
- APSA No. 000388-IV - Roxas & San Vicente, Palawan
- ISAG No. III-02-08 - Morong, Bataan
- EPA No. IVB-258B - San Vicente &Taytay, Palawan
Anglo Philippine Power Corporation (APPC)
On September 26, 2016, SEC approved the incorporation of Anglo Philippine Power Corporation (APPC) (100% owned) to spearhead the Company’s foray into the power generation business. APPC is presently evaluating various renewable energy projects for future investment.
The Philodrill Corporation
For year 2016, The Philodrill Corporation (OV) (34.32% owned) registered a consolidated net income of P29.1 million, compared to P114.7 million in 2015, mainly due to depressed oil prices in 2016.
Meanwhile, the Galoc wells continue to produce at an aggregate output of around 4,273 bopd and total production has reached 19.1 million barrels as of March 26, 2017. The drilling rig, Deepsea Metro, has been mobilized from Labuan Malaysia enroute to the Galoc field for the drilling of Galoc 7 and Galoc 7ST wells commencing March 31, 2017.
United Paragon Mining Corporation
United Paragon Mining Corporation (UPM) (25.69% owned) UPMC posted a net loss of P57.8 million in 2016, compared to a net loss of P52.5 million in 2015. UPM awaits the grant of a new permit for its Longos area, while other options are also being explored to allow UPMC to exploit the mine on a limited basis.
Atlas Consolidated Mining and Development Corporation
Atlas Consolidated Mining & Development Corp. (AT) (8.27% owned) posted a consolidated net loss of P879.9 million in 2016, compared to a net loss P814.4 million in 2015.
Of the P879 million loss, P495 million is attributable to a one-time provision for loss on disputed input tax credits, while the underlying net loss balance of P384 million represents a 53% improvement over 2015, mainly due to higher revenues arising from higher volume of copper produced and higher production and price of gold coupled with reduced operating cost. Atlas shareholders approved the plan to refinance Atlas debt obligations last February 2017.
Pending the transfer of its petroleum assets, the Company continues to participate in the following Oil Exploration contracts:
- Service Contract 6A - Octon, NW Palawan - 11.11000%
- Service Contract 14D - Tara, NW Palawan - 2.5000%
- Service Contract 41 - Sulu Sea - 1.67900%
- Service Contract 53 - Onshore Mindoro - 5.00000%
- SWAN Block - NW Palawan - 33.57800%
In SC 6A (Octon), Philodrill has completed the processing and quantitative interpretation of 600 sq km of seismic data in the northern portion of SC 6A (Octon) block to validate a prospective new play horizon.
In SC 53 (Onshore Mindoro), the DOE has approved the 2017 revised work program and budget for Onshore Mindoro last December 2016. Unfortunately, due to the delay in the approval process, the Operator had to release a prior-committed drilling rig to another project and has reset the drilling of the Progreso-2 well to December 2017. If successful, the consortium intends to hasten development of a gas-to-power project to supply the island Mindoro.
Meanwhile, the DOE will reportedly re-bid the Area 15 (Sulu Sea) area where Anglo has an option to acquire portion of Philodrill’s interest in Area 15 in the event that Philodrill is awarded the contract for Area 15.
In the 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.
Tipo Valley Realty, Inc. (TVRI)
Tipo Valley Realty, Inc. (TVRI) (97.59% owned) – TVRI continues to complete the required documentations to obtain a DAR conversion certificate over its properties in Hermosa, Bataan. After obtaining clearance from the Department of Agriculture, TVRI submitted its DAR conversion application last January 2017 and paid the required cash bond, filing fee and inspection cost last March 8, 2017.
For year 2016, TVRI posted a net loss of P4.4 Million, compared to a net loss of P4.0 million for the same period in 2015.
North Triangle Depot Commercial Corporation
Following the sale of the Company’s 15.79% equity in North Triangle Depot Commercial Corporation (NTDCC) last December 10, 2014 and February 5, 2015, the Company has entered into a Lease Agreement Assignment of development rights with NTDCC for the lease of the Company’s pro indiviso shares in the North Avenue Lot Pads and associated Lot Pad Slivers. The lease will be co-terminus with the lease of the North Triangle depot with NHA (2047), subject for extension of Development Rights Period.
MRT Development Corporation
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.
MRT Holdings, Inc.
The Company continues to maintain 18.6% equity in MRT Holdings, Inc., the indirect majority owner of the Metro Rail Transit Corporation (MRTC). As of end-December 2016, average ridership is about 250,000 passengers per day.
Brightnote Assets Corporation
The Company has minority investment in Brightnote Assets Corporation, a holding company organized for the purpose of investing in the Calabarzon area.
Filipinas Energy Corporation (FEC)
Filipinas Energy Corporation (FEC) has not undertaken any business operation since its incorporation due to the deferment of the transfer of the Company’s oil and mineral assets.