Connect with us

Hi, what are you looking for?


Filipino-Chinese firm to operate steel production plant in Zamboanga


A FILIPINO and Chinese joint venture will start constructing next month a steel manufacturing plant in southern Philippines, which is expected to be fully operational within four years, according to the Philippine partner.   

The $1-billion smelting plant, located in Zamboanga Sibugay province on the western side of Mindanao island, will be processing ore from a mining site in the neighboring province of Zamboanga del Sur.  

“We are processing the ore to steel bars,” Leonardo A. Fernandez, chairman and chief operating officer of Mount Zynai 0304 Mining Corp. (MZMC), said in an interview during the plant’s groundbreaking ceremony last week.   

“This is a very important project for the country because when you have the steel plant, you have 1,000 industries that will be created… somebody will order, you give us the steel for the use of nails, steel bars,” he said.    

The Mount Zynai Integrated Steel Mill and Smelting Plant will be part of the Mount Zynai Industrial Park, a complex that will serve as the administrative and operational center of the company as well as for local and foreign locators in the steel manufacturing and downline industries.  

MZMC’s Chinese partner is Shenzhou Investor Corp., which holds a 40% stake in the project.   

The plant is targeted for partial operation within two to three years.  

Mr. Fernandez said they aim to produce 1.5 million metric tons (MT) of steel bars and steel products every year.   

“What we are discussing is 60% of the production is for the domestic market and 40% will be exported,” he said, noting that the local production will help bring down construction cost.   

Without the plant, he said, “Imagine the cost of bringing the ore to the port, loading the ore to the vessel, vessel going to China (for processing) and loading the steel billets back (to Philippine destinations).”  

The ore mining site covers a 15,000-hectare property owned by the Subanen Pigsalabukan Gokom de Bayog indigenous community.  

Mr. Fernandez said 1,000 hectares under the indigenous group’s ancestral domain will be reserved for agro-forestry, agriculture production, and other community development projects 

“This will not only benefit the Subanens, not only Diplahan, not only Zamboanga del Sur, but the entire Region 9 (Zamboanga Peninsula)… we are really part of the business. We are grateful to have such a transparent business, and we are grateful to the investor,” ancestral leader Timuay Lucenio Manda said in Visayan during the groundbreaking ceremony. — Maya M. Padillo 

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



PHILIPPINE STAR/ MICHAEL VARCAS WASHINGTON D.C. — The United States is seeking to form a coalition of countries to drive negotiations on a global...


Buildings are seen along EDSA in Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded...


Heavy traffic is seen on the southbound lane of EDSA in Cubao, Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN THE PHILIPPINE auto industry’s...


REUTERS THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected...


Vendors arrange their goods at a public market in Manila. — PHILIPPINE STAR/ RUSSEL A. PALMA THE ASIAN Development Bank (ADB) is planning to...

Editor’s Pick

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

You May Also Like


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.