MINING firm Global Ferronickel Holdings Inc. (FNI) on Friday said it had gained "significant control" over Mariveles port in Bataan via the acquisition of an additional stake in the facility's operator.
In a disclosure, Global Ferronickel said a deed of absolute sale was executed on Thursday for the transfer of 1 million Mariveles Harbor Corp. (MHC) shares from Seasia Logistics Philippines Inc.
A cash payment of P192 million was made and the mining firm said its 88-percent stake in MHC gave it "significant control over the operation of the port."
Global Feronickel's board of directors last month authorized the purchase of an additional 24-percent shareholding in MHC.
"The 24-percent shareholdings of the Seasia Logistics Philippines Inc. will be bought at the price of P192 million and with this in mind, FNI President Dante Bravo is authorized to execute, sign, deliver and receive all papers or documents in connection with and pursuant to the foregoing authority," the firm earlier said.
"No regulatory approval will be needed for this," it added.
In another development, Global Ferronickel also said on Friday that subsidiary Ipilan Nickel Corp. had complaints against two local officials over delays in the renewal of its business permit.
The complaint against Mayor Cesareo Benedito Jr. and Municipal Environment and Natural Resources officer Remie Mostiero of Brooke's Point, Palawan was filed before the Anti-Red Tape Authority.
Ipilan's operations in the area have been questioned by residents and some Indigenous tribes, with barricades set up last month to stop mining activities.
The firm, however, said that its operations could continue following a Mines and Geosciences Bureau ruling that its mineral production sharing agreement with the government remained valid until April 10, 2025.
Global Ferronickel earlier said this would allow Ipilan Mining to "maintain its exclusive right to conduct responsible mining operations in the municipality of Brooke's Point, Palawan, covering 2,835 hectares, with 260 hectares already partially declared as a mining area."
Global Feronickel's share price slipped by a centavo to P2.48 on Friday.