LISTED ATN Holdings, Inc. on Wednesday said it will sell 3.5 million tons of rock resource assets to several companies involved in Manila Bay reclamation activities.
In a disclosure to the stock exchange on Wednesday, ATN said its board of directors gave the green light to dispose of 3.5 million tons of its existing rock assets valued at P4 billion “to support 2019 land reclamation in Manila Bay.”
The company said it had received requests from Chinese, European and Korean reclamation groups for the first two-year supply of 3.5 million tons of armor rock.
ATN said the armor rock is being sourced from its property in Rodriguez, Rizal. Armor rock is a semi-processed product which comes from blasting rock deposits, and is priced near rock aggregate prices.
“The corporation is hereby authorized to execute a multi-year supply agreement with reclamation developers and contractors, under terms and conditions favorable to the corporation,” the company said.
ATN said two reclamation projects in Manila Bay will require some 68 million tons of armor rock.
“Land reclamation projects in Manila Bay (42 kilometers from ATN project site) require very large volumes of armor rock. Big-ticket reclamation projects include the 600-hectare project of SM Investments, and 400-hectare project in Baseco area of Manila,” the company said. — Anna Gabriela A. Mogato