Gold Mining Operations
AbaCore Capital Holdings, Inc. holds 102 gold mining claims in the provinces of Agusan del Sur and Surigao del Sur, along with seven coal blocks, each covering 1,000 hectares, located in Surigao del Sur. The company is currently completing the necessary regulatory requirements to advance to full exploration and development of these gold mining properties.
Coal Mining Ventures
On January 10, 2007, AbaCore signed a Coal Operating Contract with the Department of Energy for the exploration and potential production of coal in Surigao del Sur, specifically Coal Block Nos. L38-84 to -89 and L38-249 in Tago and Marihatag. In September 2008, AbaCore entered into a Heads of Agreement with Lodestar Investment Holdings Corporation (LIHC), a publicly listed holding company, for the acquisition of AbaCore’s coal mining rights by LIHC. This agreement aims to facilitate the commercial development of the coal mining properties, in exchange for AbaCore receiving Php 225 million worth of LIHC shares, along with royalty payments upon the commencement of coal production.
On July 17, 2009, AbaCore received the Certificate of Non-Coverage from the Department of Environment and Natural Resources, affirming the environmental compliance of the mining project. The company anticipates securing clearance from the Department of Energy by December 2010 to proceed with the full-scale development of its coal mining operations.
AbaCore is committed to leveraging its mining assets responsibly and sustainably, contributing to the growth of the mining sector while adhering to strict environmental standards.