THE board of Premiere Horizon Alliance Corp. has approved its equity investment in Palawan Star Mining Ventures Inc. and Pyramid Hill Mining Industrial Corp., reaching up to 85 percent of the said firms.
“The investee companies are holders of mineral production sharing agreements covering approximately 10,384 hectares, containing probable commercial quality limestone deposits located in the mineralized area of Southern Palawan,” the company said in its disclosure.
The investment shall be used to fund the pre-commercial development that includes cement production, beneficiated and agricultural lime production and bio-mass plantation projects.
The company said it envisions that the targeted businesses will assist the country’s sustainability and inclusivity objectives in general, and the province of Palawan in particular, specifically in the areas of infrastructure, renewable energy and food security.
The total pre-commercial development cost is estimated to be up to P500 million, which will include generation of limestone resource identification and validation reports, preparation of project feasibility studies, environmental protection programs and community development plans and programs, securing of government regulatory permits and licenses, and other relevant development project components.
“The company is committed to raise the funding for the said development cost through an initial equity infusion and through a combination of debt and additional equity as it may deem necessary or feasible,” it said.
Premiere Horizon was incorporated on January 13, 1988, with a primary purpose to engage in business activities relating to entertainment, gaming, hotel and leisure.