Omico Corporation

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Omico Corporation (PSE: OM) is a publicly-listed mining company engaged in the business of operating, prospecting and mining of all kinds of ores, metals and minerals. It is also engage in real estate development. As of January 4, 2010, Omico Corporation has a total maket capitalization of P976 billion and share price of P0.009. At the end of 2009, the company employed a total of 19 personnel.

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Business development

Omico Corporation was incorporated in 1968 with primary business in mining exploration and property development. For its mining development, Omico Corporation’s main activities are operating, mining, and developing all kinds of ores, metals and minerals. Its property development business is engaged in marketing and sale of real estate and evaluation of future development of other real estate properties.

In the middle of 2010, the ROberto Ongpin-owned Alphaland Corporation expressed its interest in acquiring a stake in Omico. However, no deal has been signed to date.

Mining

Omico Corporation has a mining agreement with Macawiwili Gold Mining and Development Company for the operation and mining of 119 claim blocks owned by Macawiwili. The agreement will last until 2021. T he Omico - Macawiwili Itogon G old Project lies within the B aguio gold district, in the municipality of Itogon , Benguet. In the past, the company also undertook small-scale underground mining on the property. Since its 1968, Omico Corporation has been through different ownerships none of which managed to make mining operations a commercial basis. It was in 1993 that the owners pursued mining operations extensively. In 2007, the company entered into a joint-venture with Ivanhoe, Philippines, a wholly-owned subsidiary of the Ivanhoe Mines of Canada, for the potential development of the Omico-Macawiwili mining property in Itogon, Benguet. When then Secretary of Department of Energy and Natural Resources, Jose L. Atienza signed the Mineral Production Sharing Agreement, Ivanhoe started its exploration activities. In 2010, Omico-Ivanhoe signed a core-drilling agreement with Primo Asia Mining and Drilling, Inc. This came in line after the management decided to proceed with its diamond drilling program. The company is also eyeing projects in Southern Mindanao but no definite location has been disclosed yet.

Property development

Omico Corporation has diversified into low-cost housing subdivision. The company has partnered with an unnamed company for the development of the housing subdivision in Sta. Rosa, Nueva Ecija. Omico has also entered into a joint-venture with another publicly-listed property development company Robinsons Land Corporation for the development of a residential project, Wellington Courtyard in Tagaytay City.

Board of Directors

  • Antonio Lopa – Chairman of the Board
  • Mei Nga Tia
  • Martin Dy Buncio – Co-Vice Chairman of the Board
  • Kin Hing Tia – Co-Vice Chairman of the Board
  • Juana Lourdes Buyson – Treasurer
  • Emilio Teng
  • Solomon Cua
  • Juan Jose Rodom T. Fetiza
  • Tiu Co Chua

External links

Citation

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