Apollo Global Capital (APL) has filed an application with the Securities and Exchange Commission to raise as much as P1 billion from a follow-on equity offering as it goes full blast on an offshore mining project in Cagayan.

The Philippine Daily Inquirer reported that the company was awaiting the SEC’s green light to proceed with its re-initial public offering.

Proceeds from the share sale will be used to fund the first magnetite iron mining operations in the country, slated to start this month.

APL unit JDVC Resources Corp. secured all environment, mining and social permits, licenses and certifications as well as obtained satisfactory community acceptance from nearby local government and communities for the project, which covers 1,903 hectares.

The project is in joint venture with nickel and restaurant magnate Frank Lao’s Kinetic Holdings Corp., which will bring in deep-sea mining vessels that can mine 4,300 tons per day or 130,000 tons per month.

According to the Department of Environment and Natural Resources, JDVC’s mining area has a potential 512 million metric tons of mineral deposits with a lifespan of 47 years.

At the current market price of $112 per ton, JDVC’s iron ore deposit has a potential value of $57 billion.

Source: https://bilyonaryo.com.ph/2021/02/08/apl-aims-for-p1b-in-re-ipo/