DMCI takes over UK mining firm

Consunji-led DMCI Holdings is taking full control of UK-listed mining holding firm ENK Plc., which is focused on developing its Acoje nickel mining project in the Philippines.

In a disclosure to the Philippine Stock Exchange on Tuesday, DMCI said it had acquired an additional 40-percent stake 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.

D&A Income is the UK-based investment firm that helped DMCI gain a foothold in ENK.

They formed a consortium to acquire the shares of the controlling stockholder and afterwards offered to acquire the remaining shares for cash.

DMCI first bought into ENK in 2012.

In a separate transaction, DMCI’s mining unit later acquired a 31-percent stake in Nickeline Resources Holdings Inc., joining the Berong nickel project in Palawan as a partner of Toledo Mining and Atlas Consolidated Mining and Development Corp.

For ENK, its principal property is the Acoje nickel laterite project in Luzon covering about 3,765 hectares.

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

In addition, ENK owns 40 percent of the Zambales chromite deposit, which it is developing in partnership with Montenima Resources Corp.

ENK was incorporated in England and Wales in June 2000 and listed on the London Stock Exchange AIM in 2004, on PLUS Derivatives Exchange in 2007 and on the Australian Stock Exchange in 2010.