AbaCore Capital Holdings Inc. subsidiary Abacus Coal Exploration Development Corporation has received regulatory approval from the National Commission on Indigenous People regarding the monetization of its coal assets in Surigao del Sur.

The NCIP has certified that Abacoal has obtained the consent of the Manobo indigenous cultural communities who live in Marihatag, Cagwait, Tago, and Bayabas in Surigao del Sur. In line with this, the regulatory authority also issued a Certification of Precondition to Abacoal.

Way forward

The approval allows Abacoal to be one step closer in generating income from its coal assets in the province. The company is set to earn income from the coal operation that its joint venture partner, Oriental Vision Mining Philippines Inc. will conduct.

"We are pleased to hear that the indigenous people in Surigao del Sur have accepted our plan to responsibly monetize our coal assets in the area," Raul de Mesa, president, chairman and CEO of ABA said.

"While we believe this initiative will diversify the income sources of ABA, we are also fully committed to ensuring that the work we do will not adversely impact the environment and the communities that live near our coal assets," De Mesa added.