OPMC secures permit for exploration of nickel, associated metals in Dinagat Islands
ORIENTAL Petroleum and Minerals Corp. (OPMC) said on Tuesday that it obtained an exploration permit from the Mines and Geosciences Bureau (MGB) covering an area in Loreto, Dinagat Islands.
The Department of Environment and Natural Resources has granted clearance to MGB-Central Office to approve and convert its application to an exploration permit covering an area spanning 358 hectares, the company told the local bourse.
OPMC formally accepted and signed the exploration permit at the MGB Central Office in Quezon City on Tuesday.
The company intends to explore for nickel and other associated metals in the area.
In 2022, OPMC submitted applications to MGB’s regional office in the Central Luzon for five areas in Zambales covering around 13,816 hectares and two areas in Dinagat Islands covering around 863 hectares.
Incorporated in 1969, OPMC is a local exploration and production company engaged in upstream petroleum activities in the country.
OPMC has three wholly owned subsidiaries namely, Oriental Mahogany Woodworks, Inc., Linapacan Oil Gas and Power Corp., and Oriental Land Corp.
On Tuesday, shares of the company fell by P0.0001 or 1.23% to close at P0.0080 each. — Sheldeen Joy Talavera
