You are on page 1of 1

Sun.

Star Cebu | Wednesday, April 23, 2008 A17

business
LIBERTY A. PINILI Editor

business@sunstar.com.ph

Vessel for Scotland
Shipbuilding firm in Balamban, Cebu completes car-passenger ship for UK company
ABOITIZ-owned FBMA Marine Inc. in Patrick said officials from the Mari-
Balamban, Cebu will deliver in a few time Coast Guard Agency in the UK, who
weeks its first export this year. visited FBMA’s facility in Balamban four
FBMA has completed a 70-meter car times, lauded the craftsmanship of
and passenger ferry for Pentland Ferries Cebuano workers.
of United Kingdom. The ferry, which is During the ship’s launching yesterday
of catamaran type with steel hulls, will at the FBMA shipyard, Andrew Banks,
reportedly be used in northern Scotland. owner of Pentland Ferries, described
The vessel, dubbed Pentalina, “is de- Pentalina as the “first of its kind in Scot-
signed for the rough waters and large land.”
waves in the northern part of Scotland,” Mary Geraldine Polanco-Onganon,
said FBMA marketing manager Craig FBMA assistant vice president for human
Patrick. resource-branding, said about 250 work-
Delivery of the Pentalina is scheduled ers—welders, pipe-fitters and fabrication
in the next six to seven weeks, when it marine electricians, among others—
will set sail from the Philippines to Scot- worked on the Pentalina for 15 months.
land for 28 to 34 days, Patrick said. Skilled workers
He said the total investment for the Onganon said that while FBMA is
vessel is estimated to be at $10 million adversely affected by the exodus of skilled
to $15 million. workers to Australia, the company has
The new liner will replace an older car invested on an in-house training center
ferry in northern Scotland and meets all to develop potential workers.
the regulations imposed by United King- The company’s efforts to enhance its PINOY-MADE. The 70-meter Pentalina is the product of 250 Filipino workers of FBMA
dom (UK) authorities, he said. pool of skilled workers have strengthened Marine in Balamban, Cebu. (SUN.STAR CEBU/RUEL ROSELLO)
Contract the confidence of FBMA’s clients, Patrick
The vessel has a service speed of 15 said.
knots and can accommodate up to 350 He revealed that the company has or- targeted for August this year. 1997. It has delivered more than 22 high-
passengers, nine trucks and 58 cars. ders for three more vessels for clients in Patrick said this indicates bullishness speed ferries and patrol boats to clients
FBMA and Pentland Ferries sealed a England and New Caledonia. in the shipbuilding industry and a huge in Mexico, Korea, Ausralia and the UK.
contract on Feb. 14, 2007 for the build- The England-based client has ordered opportunity for Cebuanos. The ISO (International Organization
ing of the Pentalina, which uses alumi- two vessels with expected delivery in June FBMA has been operating a 76,000- for Standardization) 9001-certified com-
num as a superstructure. 2009, while that for New Caledonia is square meter shipyard in Balamban since pany employs 500 people. MMM

Production of Toledo mine seen BIZ
BITES
to equal yield of Benguet facility The Philippine Stock Exchange
composite index dropped to
A MINING analyst consid- Philex Mining has been world-class copper facility of The mining sector outlook 2,855.75. The weighted aver-
ers Atlas Consolidated Mining operating a copper-gold-sil- ACMDC as a factor in his fore- for this year, according to ATR age of the peso slipped to
and Development Corp. mine ver mine in Padcal, Tuba in cast. Kim Eng’s observations, will be 41.918 against the dollar.
in Toledo City as possibly “the Benguet Province for 49 ACMDC was also able to driven by the demand for met-
next Philex.” years. Philex mined a total of retain 30 percent of its origi- als softening with the United
Although it is yet to issue 314 million tons of ore at nal workforce. States economy still in reces-
Chinese visa
a valuation on the company, the end of 2006, with metal Although Sarmiento still sion and China’s economic HONG KONG—China has yet to
ATR Kim Eng Securities Inc. production of about 1.9 bil- deems investing in ACMDC as growth slowing down as well. provide full details of controversial visa
was impressed with ACMDC’s lion pounds of copper con- high-risk, he believes it will The US and China consume restrictions on business and tourist travel
infrastructure and facilities. centrate, 153 million grams roughly 30 percent of copper despite several requests, Britain’s new
still provide excellent returns
Robin Sarmiento, mining consul-general to Hong Kong said
of gold and 169.26 million should production ramp up in produced globally.
analyst for ATR Kim Eng, vis- yesterday.
grams of silver in concentrate 2008, as expected. As soon as the US economy
Andrew Seaton said the new restric-
ited the ACMDC compound and bullion form. Based on an internal fea- bounces back, demand for met- tions were a “concern” and Britain had
last week and observed that Copper concentrate sibility study conducted by als is expected to go up. In the taken up the matter with Chinese authori-
employees there are already Early this month, Philex ACMDC, Sarmiento said the US, copper is mainly used for ties in Hong Kong, Beijing and London.
“busy.” He said this is a good Mining reported to the Philip- company has put up conser- home-building and electronics. “As far as I know, we do not yet have
indicator that ACMDC would pine Stock Exchange that it vative assumptions, pricing Gold is currently used as a that precise clarification of the new rules
be able to go in production produced a total of 5,025 dry copper at $2 and gold at $600 hedge against inflation as its that we are seeking,” Seaton told report-
soon. metric tons of copper concen- based on a foreign exchange price rises with the weakening ers on his first day on the job.
With the Toledo mine ca- trates worth P727 million. rate of P40 to a dollar. of the US dollar. China has stopped issuing multiple-
pable of P5 billion in revenues, Sarmiento expects Philex ACMDC is expected to run Although it is the largest entry visas and now insists on both hotel
Sarmiento observed that to post a dividend yield of 7.6 a mine life of 12 years and consumer of gold at 20 percent and transport receipts before they will
ACMDC is comparable to percent this year. pegs copper and gold at 80 of global demand, India only grant permission for business travelers or
Philex Mining Corp. in terms With proven reserves, percent and 11 percent of produces two percent of the tourists to enter the country, travel agents
of production. Sarmiento also considers the said. (AFP)
sales, respectively.
M

TOLEDO MINE, A19