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NATURAL RESOURCES
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The Company owns 11.67% of Atlas
Consolidated Mining & Development Corporation.
For 2008, Atlas posted a net income of P129 million on a'
consolidated basis, but reflected a net loss of P0.81 million at
the parent company level.
Atlas subsidiary, Carmen Copper
Corporation {CCC}, which only
commenced commercial production in October 2008, posted a net
income of P692 million in 2008. CCC, which resumed production at
the rate of 20,000 tons per day [tpd] of ore processed, plans to
increase production to A2,000 tpd by mid-2010. Since the
beginning of 2009 to date, Carmen Copper has made a total of six
shipments of approximately 5,000 metric tons of copper
concentrates per month, or a total of 30,000 metric tons with an
aggregate value of US$ 33 million.
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Carmen Flotation
Facilities |
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Another Atlas subsidiary,
Berong Nickel Corporation
{BNC}, suffered a net loss of PM5 million in 2008 due to
depressed laterite market and nickel price throughout the year,
coupled with extreme wet weather conditions during the first
half of 2008. With improving weather conditions, BNC recently
announced the resumption of
direct ore shipping operations to its foreign buyers.
The Company now owns 25.62% of
United Paragon Mining Corporation (UPMC)
after converting its
receivables into new UPMC equity. For 2008, UPMC posted a net
loss of P35.8 million. The company holds gold mining tenements
in the Bicol area of Southern Luzon. In view ofthe sustained
high gold price in the world markets, UPMC is actively pursuing
plans to resume gold mining operations in partnership with
foreign and local groups.
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Carmen Concentrator Plant
Grinding |
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In Oil Exploration, the Company continues to hold
participating interests in the highly prospective oil
exploration areas ot Service
Contract 6A {Octon}, where
the consortium has obtained a final 15 - year term extension of
the contract using the work program and budget proposal of Vitol
CPC; Service Contract 47 [Sulu Sea],
where Tap Oil is undertaking the reprocessing of 3D seismic
data to rectify data quality issues which will
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Oil Platform in Offshore Palawan |
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aid in the selection of the drilling
prospects; and, Service Contract 53
(Mindoro}, where Pitkin Petroleum
recently completed a magneto-telluric survey preparatory to
running its seismic program in the area. The Company also
maintains interests in Service
Contract 74 {Tara}and the
SWAN Block,
both situated in offshore Northwest Palawan. |
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In addition to its oil exploration assets,
the Company has reclassified its investment in
The Philodrill Corporation
from Held-for-Trading to Investment in Associate effective as of
the 3rd quarter of 2008. For 2008, Philodrill registered a net
income of P15 million. |
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PROPERTY DEVELOPMENT
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The Company maintains a I5.79% interest in the
North Triangle
Depot Commercial Corporation (NTDCC), which owns the
Ayala-managed TriNoma commercial center at the North Triangle in
Quezon City. For 2008, NTDCC posted a net income of P51 million
and recorded an occupancy and leased-out rates of 95% and 97%,
respectively. With NTDCC`s first full year of operations, the
Company has reclassified its investment in NTDCC from Investment
and Advances to Investment in Associate as of July 2008.
Shang Properties, Inc. (SPI), where the Company maintains 4.5%
equity, registered a consolidated net income of P1.1 billion in
2008 behind strong condominium sales and high rental revenues.
The St. Francis Shangri-La Place is about 83% sold-out and 76%
completed, while currently in the project pipeline are the Fort
Bonifacio and One Shangri-La Place projects. Effective as of the
3rd quarter of 2008, the Company has reclassified its investment
in SPI from Held-for-Trading to Investment in Associate.
The Company also continues to maintain a 15.79% interest in
MRT
Development Corp. [MRTDC], which owns the development rights
over the perimeter lot pads around the TriNoma commercial
center. MRTDC generates revenues from concessionaire rentals and
advertising fees in the MRT stations. |
| Shangri-La Plaza |
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