San Miguel Corp said that its board approved planned investments in infrastructure and mining projects.
The conglomerate said in a disclosure to the stock exchange its board cleared the investment in Skyway and Arterial Road project as well as infusion in Nonoc nickel mining development.
The company said that “The company shall make appropriate disclosures upon completion of the foregoing transactions.”
San Miguel earlier said it was in talks with the controlling shareholders of Philnico Mining Corp. and evaluated the viability of investing in Nonoc mining project in Surigao del Norte province.
Nonoc mine is believed to hold one of the biggest nickel and cobalt resources in the whole of Southeast Asia. The mine was operated from 1975 to 1982 before it was closed down amid high energy cost.
Jinchuan Group Ltd of China earlier also planned to invest in Nonoc nickel mine.
San Miguel acquired a 46% interest in a company that controls Citra Metro Manila Tollways Corp., the concession holder and operator of the 15-kilometer elevated Skyway toll road from Makati to Alabang.
It also teamed up with Citra to invest in the 42-kilometer STAR Tollway in Batangas.
Meanwhile, the board of San Miguel also approved the declaration of PHP 0.35 cash dividend on common shares to stockholders as of Jan 4th 2013. Payment date was set on January 30th 2013.
