Mining firm spending P200 million to expand operations A unit of Premiere Horizon Alliance Corporation, which used to be a gaming firm, will spend P200 million to expand its mining operations in the next few years. On Friday, the board of directors of Premier Horizon gave its approval to the company’s plan to provide its subsidiary, Redstone Construction and Development Corporation (RCDC), a capital expenditure (capex) budget of P200 million. The capex requirement, according to the company, will support RCDC’s substantial increase in service mining contracts for the next three years. by Madelaine B. Miraflor December 22, 2014 Owned 67 percent by Premiere Horizon, RCDC is primarily engaged in contract mining and construction works for mining, real estate development, environmental protection and remediation projects including quarrying, hauling, earthmoving and heavy equipment rentals and all other earthmoving works. As of November, 2014, RCDC has hauled in and mined a total of 767,412 WMT. Premier Horizon mentioned that RCDC has been doing mining contracts for Marcventures, Inc. and other mining companies since 2011. “Premiere Horizon Alliance continues to expand into industries with a high growth potential,” the company said in a statement. Formerly named Premiere Entertainment Philippines, Inc., the listed firm earlier obtained the approval of the Securities and Exchange Commission (SEC) in 2011 to amend its secondary purpose. From being a gaming firm, Premier Horizon won the approval of the SEC for its plan to venture into real estate and mining operations. After that, the company bought 40 percent of Palawan Alpha South Resource Development Corp. to undertake mining activities. Premier Horizon then sold Total Gamezone Xtreme, Inc., operator of 46 E-Games stations, to Leisure and Resorts World Corp. for P620 million. Earlier this month, Premier Horizon signed a share purchase agreement to acquire 51 percent of Concepts Unplugged Business Environment Solutions, Inc., (CUBES) for P80 million. CUBES is a refrigeration equipment provider for cold storage facilities.
Posted on: Tue, 23 Dec 2014 21:23:27 +0000
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