SM Investments Consolidates Mining Assets Into Dominion Holdings

SM Investments Corp. plans to consolidate its mining assets into a single listed entity, Dominion Holdings Inc., in a move that could establish the largest listed mining company in the Philippines. President and CEO Frederic DyBuncio announced that the conglomerate will transfer its 34% stake in Atlas Consolidated Mining and Development Corp. to Dominion by next year.

The consolidation may include the infusion of the Tampakan gold and copper mine on Mindanao island. Expected to begin production in 2028, the Tampakan project is estimated to produce 360,000 ounces of gold and 375,000 tons of copper annually over a 17-year period. The project has historically faced decades of delays resulting from regulatory hurdles and opposition from the Catholic Church and environmentalists.

Following the announcement, shares of Dominion Holdings Inc. surged 821%, becoming the best-performing stock of the year in the Philippines.