APC Group unit signs coal mining contracts with gov’tadmin
APC Group Inc. said its wholly owned subsidiary, Aragon Coal Resources Inc. (ACRI), signed two coal operating contracts with the state-run Department of Energy.
In a statement, APC said ACRI’s first contract area in Masbate, central Philippines, covers two coal blocks, while the second contract area comprises three coal blocks in Isabela Province, northern Philippines.
APC said under the terms of the contract, ACRI will finance the exploration, development and production of coal resources and will be entitled to 40 percent of the net operating income once commercial production begins.
APC closed untraded at P0.38.