Nickel miner pays stock dividends

ZAMORA-LED Taganito Mining Corp. has hiked its authorized capital by more than three times to P2 billion to pay investors their share in the company’s profits, documents from the Securities and Exchange Commission (SEC) showed. Of the new shares, P850 million were issued as dividends to stockholders Hinatuan Mining Corp. (P552.5 million), Pacific Metals Co. Ltd. (P284.75 million) and Sojitz Corp. (P12.75 million).

The capital increase was approved by the company’s board and shareholders on June 2, while the SEC gave its nod to the plan on Aug. 28. The stock dividend declaration raised the nickel miner’s paid-up capital to P1.5 billion. Last year, Taganito Mining’s profits were cut by almost half to P951.25 million after sales dropped to P2.13 billion from P4.25 billion in 2007. It paid P845 million in dividends in 2008 from P300 million the previous year, documents from the SEC showed. The company, headed by businessman Manuel B. Zamora, has the exclusive right to explore and develop 3,279 hectares in Claver, Surigao del Norte. The nickel miner, which started operations in 1989, holds a 25-year license which may be renewed for 25 more years. Taganito Mining, whose parent firm is Nickel Asia Corp., exports its output to customers in Australia, China and Japan. In May, Japanese mining firm Sumitomo Metal Mining Co. Ltd. said it would team up with Nickel Asia to put up a P3-billion ore processing plant in northeastern Mindanao next year. (Business World)

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