Study confirms Coal Asia’s Davao deposits
MANILA, Philippines—Coal mining firm Coal Asia Holdings Inc. has secured a third-party validation that the group’s coal deposits in Davao Oriental were economically and technically viable to extract.
In a press statement, the newly listed coal mining firm updated the evaluation of its mineable coal reserves within 400 hectares of its coal operating contract (COC) area in Davao Oriental, equal to 3 percent of the total coal concession area of 13,000 hectares. At current prices, Coal Asia said this represented an estimated enterprise value of P4.1 billion at current coal prices.
“Given the results of this latest study, it appears that Coal Asia is well on its way to exceeding an earlier independent valuation by Multinational Investment Bancorporation (MIB) which had valued the company at P12.5 billion considering the entire 13,000 hectares in Davao Oriental and Zamboanga Sibugay,” the company statement said.
The third-party assessment was done by Engr. Graciano Calanog Jr., a practicing mining engineer with 36 years of experience in the mining industry. The UP-educated Calanog has had extensive experience in the preparation of enterprise and mine valuation reports for several foreign and local mining companies as well as the evaluation of feasibility studies.
He has also been part of the senior management of government institutions that had large mining portfolios such as the Asset Privatization Trust (APT) and the Development Bank of the Philippines (DBP).
Get Inquirer updates while on the go, add us on these apps:
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94