Doris Ho’s relatives catch mining fever, plans nickel venture in Mindanao
A number of cousins of conservation advocate and shipping heiress Doris Magsaysay-Ho apparently plan to undertake some serious excavation in the mountains of Mindanao.
According to NiHAO Mineral Resources International, the listed mining venture now controlled by stockbroker Jerry Angping and a Taiwanese partner, the firm is “exploring the possible sale” of its nickel mining claims in Misamis Oriental to the Magsaysay Group of Companies.
But Ho, the Magsaysay Group chief executive, was quick to distance herself from the venture, saying it was “some relatives,” together with an unidentified partner of the Magsaysay Group, who had been pushing their family into that direction.
According to the grapevine, Ho’s cousin, Cesar Magsaysay who used to be married to a Roa, is the Magsaysay Group representative negotiating to acquire the NiHAO claims.
Cesar is said to be a brother of former Zambales governor Vicente Magsaysay who used to manage the Magsaysay logging venture in Indonesia.
The planned sale of the nickel mining claims in Manticao, Misamis Oriental has apparently already reached advance stage, as the possible disposal has already been tabled by NiHAO for next month’s shareholders’ meeting.
NiHAO said its Misamis claims cover 1,944 hectares in Manticao, the coastal mountainous town halfway between Cagayan de Oro’s Languindingan airport and Iligan City.
Classified as a fourth-class municipality, Manticao is blessed with a river that cuts through the town and empties into the deep Iligan Bay.
According to NiHAO, a subsidiary, Bountiful Geomines, holds an exploration permit application that has been pending since the PNoy years with the Department of Environment and Natural Resources, despite or probably because of NiHao having GMA-era DENR secretary Michael Defensor as a board director.
According to regulatory disclosures, NiHAO acquired Bountiful Geomines and the Manticao claims in 2008 for P12.5 million.
Money talks
• ASEAN Summit business conference organizer RFM president and chief executive Jose Maria “Joey” Concepcion III apparently needed some pocket change after the VIP meeting, selling over P5 million worth of RFM shares on November 16, a day after the conference ended.
• Oil giant Shell is suing its Northern Luzon dealer Joel Guillermo, the biggest distributor of oil and asphalt in the country through his Royal Class Trading and Transport, for alleged unfair competition.
Heard through the grapevine
The acquisition by San Miguel president Ramon S. Ang of the Philippine Daily Inquirer should be concluded by Dec. 31, with Inquirer executive editor Jose Nolasco fairly confident of his tenure, at least in the transition phase, as can be gleaned from his treasured selfie with RSA.
E-mail: moneygoround.manila@yahoo.com