DIZON COPPER-SILVER Mines, Inc. on Thursday said that it has agreed to sell its property in Subic, Zambales to a real estate developer for P100 million.
In a disclosure on Thursday, the listed mining company said that it has “entered into a Contract to Sell with Sunplaza Development Corp. for the sale of the property.” The move was approved by the company’s board of directors on Dec. 24.
The property consists of 20,534 square meters (sq.m.) located at Barangay Matain in Subic. It was formerly the site for its storage facility for copper concentrates and a loading pier called Port of Dizon.
Dizon said Sunplaza will make a downpayment of P23.5 million upon signing the contract to sell. The remaining P76.5 million will be paid within two years.
The company said it was selling the property to “improve the cash position and equity.”
Sun Plaza owns, develops, and manages real estate properties located in Mandaluyong in Metro Manila, as well as upcoming developments in Antipolo, Rizal, Batangas, Taguig, and San Jose del Monte, Bulacan.
Dizon was incorporated in 1966. Aside from the Subic property, it has a mineral processing permit in the Bayaring Tailings dam and 4,070 sq.m. of land in Barangay Parada, Valenzuela City.
In the nine months to September, the mining company recorded a net loss of P1.47 million, wider than the P1.34 million loss during the same period a year ago.
Shares in Dizon went up a centavo to close at P6.93 apiece at the stock exchange on Thursday. — V.M.P.Galang
