5th Nov 2013 11:21
LONDON (Alliance News) - Natural resources investment company Tricor PLC Tuesday said one of its wholly-owned investments has resumed operations following the end of the monsoon season in the Philippines and expects the subsidiary to significantly increase its sand production in the coming months.
Tricor Environmental Pte Ltd has just sold its first sand shipment since the resumption of its operations on Friday and will continue to sell as much sand as it can with respect to its agreement with Chahaya Shipping & Trading Co Pte Ltd.
The Philippines' habagat, or south-west monsoon, typically runs from May to October, peaking between July and September, before petering out in October.
Meanwhile, Tricor's 72% owned Tricor Minerals Pte Ltd has said it expects to complete the construction of its new iron sand plant within a week.
Once construction is complete, the plant will be tested and commissioned for approximately two weeks followed by commercial production of iron sand, which is used in the production of steel.
Tricor shares were Tuesday quoted at 8.79 pence, up 0.5%.
By Samuel Agini; [email protected]; @samuelagini
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