MacroAsia Corp., the aviation services firm of taipan Lucio Tan, is setting aside P330 million to develop its mine site in Palawan.

    MacroAsia holds exclusive rights to explore and develop nickel, chromite, iron and other mineral deposits in Brooke's Point, Palawan.

    Joseph Chua, president of MacroAsia, said management is hoping to bring its mineral production sharing agreements (MPSAs) to production capacity as it has successfully addressed all legal impediments involving mining rights over a 1,114-hectare nickel ore-rich property in Palawan.

    He said the firm will comply with all statutory requirements and standards to get its mining business moving forward.

    "In 2007, we started the process to secure our operating permits. In October, we commenced work on the environmental impact assessment as a requirement for acquiring an environmental compliance certificate. We foresee completion of this and other development/pre-operating activities by the first half of 2009," Chua said.

    Funding for the mining venture will come from a P450-million term loan secured by the company in April this year.

    Last year, MacroAsia signed an agreement with London-listed firm Toledo Mining Corp. to study the feasibility of jointly exploring nickel on their adjacent nickel project sites.

    MacroAsia previously said it was looking at exporting to Australia, China and Japan.

    The company earlier sought an exploration permit with the Mines and Geosciences Bureau to start a gold and copper mining exploration project in a 5,820-hectare prospect in Palimbango, Sultan Kudarat and a 6,156-hectare prospect in Glan, Sarangani Province.

    These two areas are located within the rich gold and copper districts in Mindanao.

    MacroAsia is currently engaged in aviation-support businesses at the Ninoy Aquino International Aiport, Manila Domestic Airport and the General Aviation Areas. It provides inflight catering services, ground handling services for passenger and cargo aircraft, helicopter charter flight services and operates/develops economic zone.