Page 10 - AsiaElec Week 07 2021

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Phoenix downplays

company sale comments

PHILLIPINES PHILIPPINE fuel retailer Phoenix Petroleum activities and be beneficial to its stakeholders.”
has downplayed a report that its parent company, Phoenix described such offers as “nothing
Udenna, is planning to sell the company. new” and that it remained open to investors
Phoenix said in a February 15 filing to the who believed in the company’s core business and
Philippine stock exchange that no sale was could “bring in value to its operations, finances
being discussed, and that comments by Udenna and to its shareholders”.
founder Dennis Uy in local media outlet Inquirer “Like in the past, we are open to investors who
on the subject were a reflection of the company’s can provide capital to accelerate our growth and
open door policy to interested investors. expansion,” Phoenix Petroleum vice-president
Inquirer quoted Uy in a February 15 report as for external affairs, Raymond Zorilla, told the
saying that he was “open” to selling a minority or Philippine Star on February 17. The executive
controlling stake in the company. denied that a possible PHP37bn (US$764.3mn)
The Inquirer went on to say: “While no final sale of the company was on the cards.
decision has been made, Uy explained that The company, as with other energy play-
potential new investors would provide Phoenix ers, has seen its bottom line hit hard by the
with a ‘stronger balance sheet and higher EPS’ or coronavirus (COVID-19) pandemic. Phoenix
earnings per share.” posted a PHP95mn (US$1.96mn) net loss for
Phoenix’s clarification said: “Uy explained the first nine months of 2020. In the run-up
that as in any business, the company or any of to the end of last year, Phoenix embarked on
its subsidiaries is open to any investors, major PHP4.25bn ($87.8mn) refinancing programme
or minority, willing to invest in its operations to strengthen its balance sheet.™
and [that] can further add value to its business

BATTERIES
ION Energy’s pioneers Mongolian

lithium exploration project

MONGOLIA CANADIAN lithium exploration company ION The project is spread over nearly 81,000
Energy is pursuing a first-of-its-kind project in hectares and is 24 kilometres away from the
Mongolia that is partly attractive given its loca- Chinese border. On February 10, the company
tion is so near the Chinese border, according to announced the acquisition of the Urgakh Naran
Couloir Capital. lithium brine project located in Mongolia’s
“The vast majority of the world’s downstream Dorngovi Province. It covers an area of more
lithium processing capacity is located in China, than 19,000 hectares of what ION Energy calls
and Baavhai Uul is conveniently located in close “highly prospective lithium terrain.”
proximity to the China-Mongolia border, in an In a statement announcing the Urgakh Nara
infrastructure rich zone,” Couloir Capital analyst acquisition in February, ION Energy CEO Ali
Rob Stitt said, as cited by Proactive. Haji said: “The acquisition of this project rep-
One of the largest and fastest-growing resents the further execution of our company’s
demand drivers for lithium is the usage of lith- objectives to secure terrains highly prospective
ium compounds as electrolytes in lithium-ion for the discovery of lithium salars. Ion Energy is
batteries, which in turn are being utilised in elec- a leader in Mongolia’s lithium exploration and
tric vehicle (EV) batteries, Stitt also observed. development. It also solidifies Ion Energy’s long-
ION Energy in 2019 received the first lithium term commitment to support our world’s green
brine mining licence issued by Mongolia. revolution by playing a key role in the supply
Since ION Energy remains in the early explo- chain.”
ration phase, Couloir Capital has declined to He added: “Work has already commenced to
specify a price target and rating, but it has esti- develop the exploration program on this highly
mated that the firm has a C$34mn ($26.8mn) prospective project and the company will also
valuation based on its planned exploration pro- be releasing results from its recently completed
gramme, and future confirmation of the signifi- Geophysics program on the Baavhai Uul Lith-
cant presence of lithium at Baavhai Uul. ium Brine Project.” ™

P10 www. NEWSBASE .com Week 07 17•February•2021