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The state-owned Development Bank of the Philippines (DBP) provided a P416 million credit line to the country’s first large-scale offshore mining company to increase its working capital requirements in its mineral export production. iron, said a senior official.
DBP Chairman and CEO Emmanuel Herbosa said the bank’s assistance to JDVC Resources Corp. is expected to increase the efficiency of local production of the essential mineral and meet the expected increase in demand in anticipation of a global economic recovery. .
“Supporting businesses that are commercially viable but ecologically sound is part of our aggressive drive to achieve and usher in greater economic growth in the country,” Herbosa said.
DBP is the seventh largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy: infrastructure and logistics; micro, small and medium enterprises; social services and community development; and the environment.
JDVC is the first offshore iron sand (Fe3O4) mining company in the Philippines to operate in the province of Cagayan. It has a 25-year Mineral Production Sharing Contract with the National Government for a mining concession and commercial extraction of minerals such as iron sand, magnetite, titanium, vanadium and other valuable minerals.
Herbosa added that, unlike onshore mining that involves heavy earthworks, offshore mining is done through the use of an environmentally safe and ecologically balanced siphon vessel with an advanced technology system for the extraction of located minerals. under the sea.
He said that JDVC is the first company to receive a Mining Project Feasibility Declaration from the Department of Environment and Natural Resources that authorized the extraction and commercial disposal of magnetite sand and associated minerals in an initial area of more than 1,902 hectares in Cagayan.
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