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Philippines,United Kingdom : DMCI Holdings takes full control of ENK for ACOJE NICKEL MINING PROJECT.

UK-listed mining holding firm ENK Plc.is been taken full control by the Consunji-led DMCI Holdings that is centered on formualting its Acoje nickel mining project in the Philippines.

An additional 40-percent stake has been bought by DMCI in ENK from D&A Income Ltd. for GBP 42.03 million (P3.13 billion).

DMCI will become the registered owner of 100 percent of the outstanding capital stock of ENK upon completion of the deal.

A consortium has been formed to buy the shares of the controlling stockholder and afterwards offered to acquire the remaining shares for cash.

A 31-percent stake has been purchased by DMCI s mining unitin Nickeline Resources Holdings Inc., joining the Berong nickel project in Palawan as a partner of Toledo Mining and Atlas Consolidated Mining and Development Corp in a separate transaction.

The deposit has an indicated resource of 50.14 million tons grading 1.08 percent nickel and 0.05 percent cobalt.

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Publication:Mena Report
Date:Mar 26, 2014
Words:170
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