After years in limbo, it's finally found a way forward and it seems tycoon Isidro “Sid” Consunji’s reasoning—and successful mining industry track record—has prevailed.
Discovered three decades ago, the massive undeveloped project in South Cotabato remained stalled due to a host of regulatory hurdles, which have largely dissipated thanks to the pro-business approach of the Marcos government and current Finance Secretary Frederick Go.
An insider said plans to develop Tampakan are back in play after the current set of shareholders, led by the Sy family, alongside the Consunjis and Alcantara Group, have moved toward a more practical strategy: instead of getting outside investors now why not take charge and run the project themselves?
“Before they were considering selling a stake, but not anymore,” the insider said.
The insider explained that Sid Consunji pushed for a Filipino-backed operator, eschewing its long history of foreign-backed miners in. Tampakan, which previously included Xstrata and Glencore.
The tycoon, who led major projects such as the Semirara coal mine and Palawan and Zambales operations under DMCI Mining, convinced the Sys to get the project operational before entertaining investors, by which time they might extract an even richer valuation.
Their plan being explored to merge the Tampakan-related entities into Sy-controlled Dominion Holdings, confirming market speculation that was first reported by InsiderPH early this year.
“They’re targeting July or August for the merger,” the insider said.
Another asset being considered for injection into Dominion is the Sys' minority stake in Atlas Consolidated Mining & Development Corp., which the family is keen on transplanting from the SM Group so the latter can focus on its core businesses, the same insider said.
Meanwhile, the move is fueling excitement over the creation of a super mining company, anchored on Tampakan and other assets.
Recently, Sid Consunji assumed the role of Dominion chair, while its new directors include key figures from the Sy-Consunji groups such as tycoon Henry Sy Jr., SM Investments CEO Frederic DyBuncio, and DMCI Mining president Tulsi Das C. Reyes.
It's no surprise the Alcantara-backed Alsons Consolidated Resources saw its share price spike while Dominion surged nearly five times this year as investors bet on its transformation into one of the country’s top mining names alongside tycoon Manuel V. Pangilinan-led Philex Mining and billionaire Enrique Razon Jr.’s Apex Mining Co.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
