IPVG to build $250-M mineral refinery

LISTED IPVG Corp. is pushing through with its diversification strategy, announcing on Thursday that it plans to build a $250-million mineral refinery in the country to be completed in 2015.

A filing to the Philippine Stock Exchange on Thursday showed that IPVG, through affiliate New Wave Resources, has signed a design, build, and operate agreement with Canadian firm REC for the construction and operation of a mineral refinery in the Philippines.

IPVG said the facility will produce 3,000 metric tons of finished refined minerals per year. It said the minerals will be used in several industries including high-tech and green tech sectors to exported to Japan, South Korea, the US and Europe.

"The collaboration includes REC working to sell the majority of refined products through long-term off-take contracts as well as construction of the refinery within the agreed upon budget and timeframe," IPVG said in the disclosure.

In March, IPVG, through Conqueror Space Ltd., also signed a memorandum of understanding with REC to build and operate a similar refinery in India.

IPVG's disclosed separately on Thursday BDO Private Bank Inc., acting as trustee of for an account holder, subscribed to 400 million shares at P1 each. IPVG did not respond to a query to clarify the identity of the investor.

IPVG shares rose 0.88 percent to P11.14 each on Thursday, giving it a market value of P981.4 million.