DMCI Holdings is taking full control of UK-listed mining firm ENK Plc, which is focused on developing its Acoje nickel mining project in the Philippines.
In a disclosure to the Philippine Stock Exchange last month, DMCI said it had acquired an additional 40% stake in ENK from D&A Income Ltd for GBP42.03 million. DMCI will become the registered owner of 100% of the outstanding capital stock of ENK upon completion of the deal.
D&A Income is the UK-based investment firm that helped DMCI gain a foothold in ENK in 2012. They formed a consortium to acquire the shares of the controlling stockholder and afterwards offered to acquire the remaining shares for cash.
In a separate transaction, DMCI’s mining unit later acquired a 31% stake in Nickeline Resources Holdings, joining the Berong Nickel Project in Palawan as a partner of Toledo Mining and Atlas Consolidated Mining and Development Corp.
ENK's principal property is the Acoje nickel laterite project in Luzon covering about 3765 hectares. The deposit has an indicated resource of 50.14 million tonnes @ 1.08% nickel and 0.05% cobalt. In addition, ENK owns 40% of the Zambales chromite deposit, which it is developing in partnership with Montenima Resources Corp.