Two Philippine business giants plan to form mining company

Two Philippine business giants, SM Investments and DMCI Holdings, are laying the groundwork to build the country’s largest mining company through a strategic equity consolidation, local media reported. Dominion Holdings Inc., a shell company listed on the Philippine stock exchange, is positioned as the corporate vehicle to hold the consolidated mining shares. According to the report, Dominion President Frederic DyBuncio, who also serves as President and CEO of SM Investments, confirmed that an equity restructuring among the companies involved is underway to create a leading mining group in the country in the future. Once completed, Dominion is expected to hold consolidated equity positions in two major domestic copper-gold deposits, namely the Atlas copper-gold mine in Cebu, central Philippines, and the Tampakan project in South Cotabato, Mindanao. The Tampakan project, widely regarded as one of the largest copper-gold deposits in Southeast Asia, is currently in the pre-development stage with key consortium stakeholders, targeting operations as early as 2028, according to DyBuncio.