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Trans-Asia Oil and Energy Development Corp. has inked a deal
granting the exclusive right to operate its mining concession in
Rizal to Rock Energy International Corp.
In a disclosure to the Philippine Stock Exhange,
Raymundo A. Reyes Jr., TA vice-president for exploration, said Rock
Energy will market the minerals it extracts from its mining property
covering around 662 hectares in the towns of Teresa, Morong and
Baras, province of Rizal, east of Metro Manila.
The claim areas contain vast reserves of
pozzolan (fine volcanic ash) suitable for cement manufacturing, soil
amendment and other uses. Deposits of basalt, which may be used as
aggregates, are also found in the property.
TA’s concession is covered by two mining
leases with the Department of Environment and Natural Resources. Its
deal with Rock Energy followed a memorandum of understanding the
company signed with H.L. Nathurmal of India for “possible
cooperation in the fields of mining and energy,” early last month.
The deal would cover potential investments in
the said sectors in the Philippines, India and Asean countries.
Rock Energy is primarily engaged in coal
exploration and mining, bulk materials trading, and coal briquette
production, among others.
TA, a unit of the PHINMA Group, was primarily a
petroleum exploration firm until it diversified into power
generation, renewable energy, real estate and mining.
It continues to be active in several exploration
projects, particularly in large and high-potential areas. At
present, the company is represented in four areas covering more than
1.5 million hectares, with TA being the operator or technical
operator in three of these areas.
TA’s shares closed flat yesterday at P1.14.
-- Euan Paulo C. Añonuevo
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