Lodestar Investment Holdings Corporation (LIHC) was originally incorporated on January 3, 1974 as a mining and natural resources exploration company under the name Lodestar Mining Corporation. The company was engaged in the development of several gold and chromite mining claims in Masbate, Cebu, Negros Occidental and Palawan. In August 2000, its Board and stockholders approved the change in corporate name to its present one and primary purpose from a mining company to an investment holding company. The Securities and Exchange Commission approved the changes on October 3, 2003.
On September 26, 2008, the Board of LIHC authorized LIHC to enter into the heads of agreement with Abacus Consolidated Resources and Holdings, Inc. (ABA) and MUSX Corporation (MUSX) for the joint acquisition by LIHC and MUSX of all outstanding and issued shares of Abacus Coal Exploration and Development Corporation (ABACOAL). LIHC and MUSX likewise entered into an Agreement for Joint Investment whereby the investment parameters for such investment into ABACOAL are set forth. Under the Agreements, MUSX shall own 55% of the issued and outstanding capital stock of ABACOAL, while LIHC shall own the remaining 45%. On May 21, 2009, the company executed an Amendment to the Agreement for Joint Investment with Musx Corporation. The amendment primarily consists in the assignment to the Company of Musx’s fifty five percent (55%) interest in ABACOAL subject to the terms and conditions provided in the said agreement. As a result, the company acquired the right to purchase one hundred (100%) of the shares of stock of ABACOAL.
On May 31, 2009, LIHC executed a Memorandum of Agreement with Oriental Vision Mining Corporation to undertake exploration and development activities of coal properties of ABACOAL.
On November 3, 2010, the Company executed revised heads of agreement with ABA for the merger of ABACOAL into LIHC, with the Company as the surviving entity. In April 2011, the Department of Energy issued approval on LIHC’s proposed five-year work program relative to the application for conversion of Coal Operating Contract No. 148 in Tago, Surigao del Sur from exploration phase to development and production phase.
On April 12, 2011, the Department of Energy has issued its approval on the company’s proposed 5-year work program relative to the application for conversion of Coal Operating Contract no. 148 in Tago, Surigao del Sur from Exploration Phase to Development and Production Phase.
On July 11, 2012, the Company executed a Memorandum of Understanding with Saumya Mining Limited for exploration and development activities of the coal properties of ABACOAL.
The company has never been engaged in any bankruptcy, receivership or any similar proceedings. Neither has the Company undergone any material reclassification, merger, consolidation or purchase or sale of a significant amount of assets not in the ordinary course of business.
Abacus Consolidated Resources and Holdings, Inc. (ABA) was originally incorporated on April 30, 1981 as Piedra Negra Mining Corporation, a coal mining company, and publicly listed its shares in the Philippine Stock Exchange on October 28, 1987. In 1989, the Company changed its name to Abacus Consolidated Resources & Holdings, Inc. and subsequently changed its primary purpose from a mining firm to that of a holding company.
ABA owns a controlling interest in companies engaged in financial services, real estate, gold mining and coal mining. It has a significant stake in Pacific Online Systems Corporation, a company that holds an exclusive right to lease online lottery equipment for the lotto operations of Philippine Charity Sweestakes Office in Visayas and Mindanao. ABA also owns a 97.5% controlling interest in the Philippine Investment Development Corporation (PRIDE), which is mostly engaged in arranging project financing for a variety of real estate, logistics and infrastructure projects. ABA’s real estate activities are lodged mainly under Omnicor Industrial Estate and Realty Center, Inc., a wholly-owned real estate subsidiary of PRIDE.
On the mining business, ABA holds 102 gold mining claims in San Francisco and Rosario, Agusan del Sur. ABA has also spun off its coal mining rights with the Department of Energy to Abacus Coal Exploration and Development Corporation, a wholly-owned subsidiary.
The coal contract covers properties in Tago and Marihatag, Surigao del Sur. These coal blocks contain coal that are generally of the sub-bituminous type. The due diligence process was completed in June 2009. On November 3, 2010, Abacus entered into a Revised Heads Agreement with Lodestar pursuant to which the acquisition of the coal mining property by Lodestar will effected primarily via a merger of Lodestar and Abacus Coal with Lodestar as the surviving corporation. The merger has been completed in 2012.
The company was granted the Coal Operating Contract (COC) No. 148 by Department of Energy (DOE) in January 10, 2007. It is composed of 7 blocks with a total of 7,000 hectares, consisting of six (6) contiguous blocks located at the municipalities of Tago and Cagwait, and one (1) isolated block situated at the municipality of Marihatag.
Jose E. Manahan
Tel. No. (632) 570 9751 to 54
6th floor Sun Plaza Building
Shaw corner Princeton Street
Mandaluyong City, Philippines 1552
Tel. No. (632) 570 9751 to 54