VULCAN Industrial & Mining Corp. has transferred its rights and interests in two of its sites in Negros Occidental to United Paragon Mining Corp., the latter said on Thursday.
In a regulatory filing, United Paragon said it had a deed of assignment with Vulcan that covers the latter’s rights, interests and participation in the Hinobaan and Sipalay sites.
Before the transfer, Vulcan owned the mineral production sharing agreements covering the 477-hectare Hinobaan and 866-hectare Sipalay sites, according to Mining and Geosciences Bureau (MGB) data as of December 2020.
Both areas were used for exploration activities, MGB data showed.
The deed of assignment is subject to the approval of the bureau, United Paragon said. It was approved by Department of Environment and Natural Resources Secretary Roy A. Cimatu on Dec. 22, 2020, it added.
In a letter addressed to United Paragon President Gerard Antonio S. Ramos, the MGB’s Region 6 Director Raul A. Laput said that the firm was required to file a declaration of mining project feasibility following the approval of the deed of assignment.
Vulcan shares on Thursday improved 18.53% to close at P2.43 apiece. Meanwhile, United Paragon shares climbed 36.99% to finish at P0.010 apiece. — Angelica Y. Yang