A Brown Co. Inc. is partnering with fellow listed firm Abacore Capital Holdings Inc. for the development energy and mining ventures.
The two parties signed a memorandum of understanding “as a preliminary step to the agreement to mutually cooperate,” the two parties said.
In energy, Abacore is developing certain properties that it owns in the Batangas into an “energy hub.” Abacore and A Brown’s subsidiary, Vires Energy Corp. (VEC) have agreed the latter’s proposed integrated natural gas-fired floating power plant and liquefied natural gas (LNG) terminal project will be located within Abacore’s energy hub.
VEC recently secured a notice to proceed from the Department of Energy allowing it to start procuring all necessary permits to start its LNG project.
“A Brown and VEC intend to acquire approximately 20,000 square meters of land within the energy hub of A(bacore) for the LNG project,” the companies said.
In mining, A Brown has expressed interest in partnering with Abacore to develop its 6,731 hectares of gold and copper claims in Agusan del Sur, under unit Abacus Goldmines Exploration and Development Corp.
Being a mining company as well, A Brown has the experience and technical capability to assist in the exploration and operation of the mining areas, it said. – Ruelle Castro
