Premiere Horizon Alliance takes control of 2 mining companies

PREMIERE Horizon Alliance Corp. (PHA) is taking over two mining companies, marking its entry into limestone exploration.

In a disclosure to the stock exchange on Wednesday, the listed holding firm said its board of directors has approved the conversion of its advances into infrastructure subsidiary, Redstone Construction and Development Corp. (RCDC).

This will allow RCDC to own up to 100% of Pyramid Hill Mining Industrial Corporation (PHMIC) and Palawan Star Mining Ventures, Inc. (PSMVI) which hold mineral production sharing agreements (MPSAs) covering around 10,384 hectares.

The company last March announced its investment in PHMIC and PSMVI, noting that their MPSAs contain “probable commercial quality limestone deposits located in the mineralized area of Southern Palawan.”

PHA said that RCDC has already acquired 98.88% of PHMIC and 98.55% of PSMVI as of July 11, through conversion of its advances to equity amounting to P220 million and P170 million, respectively.

With its investment in the two companies, PHA will be funding the pre-commercial development of businesses including cement production, agricultural lime production, and bio-mass plantation projects.

“The company envisions that the targeted businesses will greatly assist the country’s sustainability and inclusivity objectives in general, and the province of Palawan in particular, specifically in the areas of infrastructure, renewable energy and food security,” PHA said in an earlier disclosure.

The pre-commercial development is estimated to cost up to P500 million, which will cover the generation of limestone resource identification and validation reports, preparation of project feasibility studies, environmental protection programs, and inclusive community development plans and programs. It will also cover the cost for securing government regulatory permits and licenses.

The Philippine Stock Exchange (PSE) has suspended trading of PHA’s shares on Wednesday morning following the disclosure, until such time that the company convey more details about the deal. —