SMIC weighing exit from Atlas Mining
SM INVESTMENTS Corp. (SMIC) said it is considering exiting its stake in Atlas Consolidated Mining and Development Corp. to prioritize investments in renewable energy.
SMIC President and Chief Executive Officer (CEO) Frederic C. DyBuncio said the company is evaluating whether to divest from the listed miner to focus on businesses that align more closely with the group’s core operations.
“That’s something which will be discussed at the board level, whether we want to take out Atlas from the portfolio or not. But that’s something which could happen in the near future,” he said during a briefing on Monday.
The SM Group currently holds a 34.05% stake in Atlas Mining, while 42.14% is controlled by the Ramos Group, according to the mining company’s website.
Mr. DyBuncio added that SMIC is moving toward a mining-free portfolio while accelerating growth in renewable energy.
“Mining is actually an outlier because all the other businesses have synergy with the entire group. It’s the mining that is more or less outside the area,” he said.
Last year, SMIC announced plans to expand its renewable energy portfolio through new geothermal projects and potential ventures in wind energy.
“We are focused on geothermal energy production, which is baseload and runs 24/7. Production has been doing well, and with a new rig in place, we are building capacity to develop more sites,” Mr. DyBuncio said in an earlier statement. — Vonn Andrei E. Villamiel
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