San Miguel Corp., one of the world’s leading brewers, is looking at venturing into steel production through its proposed mining ventures, officials of the company said.
Vice chairman and president Ramon Ang said the company will explore prospects for iron ore, nickel, chromite and coking coal, the four minerals necessary to produce stainless steel or high carbon steel.
"These are the minerals we are exploring and studying," San Miguel chairman Eduardo Cojuangco Jr. said on the sidelines of the stockholders' meeting of Ginebra San Miguel Inc., the liquor unit of San Miguel.
"The opportunity in mining is very good if there are good deposits. At the moment, San Miguel is in the process of evaluating offers (for these minerals)," Ang said and that he was also optimistic that the company would finalise a mining venture this year.
San Miguel earlier disclosed plans to invest P35 billion or about $750 million for its foray into new businesses in power, mining, infrastructure and utilities. The company reported earlier that first quarter net profit, excluding gains from asset sales, more than doubled on strong sales of beer and cost-cutting measures.
Source: Philippines Daily Inquirer
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