LISTED IPVG Corp. is pushing through with its diversification strategy, announcing on Thursday that it plans to build a $250-million mineral refinery in the country to be completed in 2015.

A filing to the Philippine Stock Exchange on Thursday showed that IPVG, through affiliate New Wave Resources, has signed a design, build, and operate agreement with Canadian firm REC for the construction and operation of a mineral refinery in the Philippines.

IPVG said the facility will produce 3,000 metric tons of finished refined minerals per year. It said the minerals will be used in several industries including high-tech and green tech sectors to exported to Japan, South Korea, the US and Europe.

“The collaboration includes REC working to sell the majority of refined products through long-term off-take contracts as well as construction of the refinery within the agreed upon budget and timeframe,” IPVG said in the disclosure.

In March, IPVG, through Conqueror Space Ltd., also signed a memorandum of understanding with REC to build and operate a similar refinery in India.

IPVG’s disclosed separately on Thursday BDO Private Bank Inc., acting as trustee of for an account holder, subscribed to 400 million shares at P1 each. IPVG did not respond to a query to clarify the identity of the investor.

IPVG shares rose 0.88 percent to P11.14 each on Thursday, giving it a market value of P981.4 million.

MANILA, Philippines - Listed technology conglomerate IPVG Corp. said yesterday it will construct a $250-million mineral refinery in the Philippines in partnership with Canadian firm REC.

In a disclosure to the Philippine Stock Exchange, IPVG said the plant, which will be built through affiliate New Wave Resources, will churn out 3,000 metric tons of refined mineral by 2015. The finished product is used in several industries including high technology applications and green technology.

IPVG intends to export most of its finished products to countries such as Japan, Korea, the US and Europe, where the product enjoys high demand.

Under the deal, REC will build the refinery and sell the majority of refined products through long-term off-take contracts.

“REC and its partners have extensive design and construction expertise in mineral processing as well as equipment manufacturing and product trading. They will work exclusively with IPVG in the Philippines to build this and any future refineries,” the company said.

IPVG chief executive officer Enrique Gonzalez said funding for the project will be sourced from a combination of equity and debt.

“Due to the nature of this business, this project can be financed through a project finance scheme backed up the strength of our long-term off-take contracts. There will be a substantial portion sourced from external sources but IPVG is the lead proponent in this project,” he said.

Gonzalez said the company has already identified two locations for the refinery but refused to name them until the company has signed a lease agreement.

In March, IPVG, through its affiliate Conqueror Space Ltd., also signed a memorandum of understanding with REC to build and operate a similar mineral refinery in India. This facility will allow IPVG to expand in potentially larger, more lucrative markets.

REC is a Vancouver, Canada-based company formed to address shortages of strategic and rare minerals in international markets by building processing facilities in key locations around the world.

Last February, IPVG was granted the exclusive rights to engage in the business of refining metal ores and other minerals in the Philippines.

IPVG acquired 100 percent of New Wave, a company affiliated with a leading refinery in China, for P2.8 billion.

The move follows the successful restructuring of IPVG last year, which involved the sale of all or substantially all of its assets to a new privately-held firm, IP Ventures Inc.

IPVG Corp. announced Thursday a potentially lucrative partnership with Canadian mining firm REC for the construction of a mineral refinery in the Philippines. In a disclosure to the Philippine Stock Exchange, listed firm IPVG said its subsidiary, New Wave Resources Ltd., had already signed a $250-million design, build and operate deal with the foreign firm.

“REC and its partners have extensive design and construction expertise in mineral processing as well as equipment manufacturing and product trading,” IPVG said.

The facility is expected to be completed in 2015.

Under the deal, REC will also tend to the sale of most of the refined products in markets abroad “through long-term, off-take contracts,” IPVG said. In a separate disclosure, IPVG announced the resignation of its chairman Jaime Enrique Y. Gonzales and independent director Juan Victor Tanjuatco.

“The vacancies in the board shall be filled up during the board meeting of the corporation scheduled next week,” the disclosure read.

The resignations coincided with the announcement of a major change in the company’s ownership structure.

BDO Private Bank Inc., acting as trustee for one of its depositors, said it had acquired 400 million shares in IPVG for P1 each. This gave the bank a 31.72-percent stake in the company, while diluting Gonzales’ holdings to 2.6 percent from the previous 3.8 percent.

IPVG said the new refinery would cost $250 million to build. Once completed, it can process 3,000 metric tons of minerals a year.

“IPVG intends to export most of its finished products to countries such as Japan, Korea, the United States and Europe, where the products are in high demand,” the company said.

Last March, IPVG subsidiary Conquer Space Ltd. also signed a similar construction deal with REC for a new facility in India.

Based in Vancouver, REC was formed to meet growing demand for strategic and rare minerals in international markets by building processing facilities in key locations around the world.

INFORMATION TECHNOLOGY firm IPVG Corp. is firming up its foray into mineral processing, striking a deal with a Canadian contractor for the construction of a facility for operation by 2015.

“IPVG, through its affiliate New Wave Resources, Ltd. signed a design, build, and operate agreement with REC, a Canadian firm, for the construction and operation of a mineral refinery in the Philippines,” a disclosure yesterday read.

The company said that the first refinery is projected to cost around $250 million with a capacity of producing 3,000 metric tons of refined minerals annually.

“The refined mineral is used in several industries including high tech and green tech sectors,” the disclosure said.

“IPVG intends to export most of its finished product to countries such as Japan, Korea, and the United States and Europe, where the product is in high demand,” it added.

IPVG claimed that REC and its partners have extensive design and construction expertise in mineral processing as well as equipment manufacturing and product trading.

“They will work exclusively with IPVG in the Philippines to build this and any future refineries,” the disclosure read. “The company and REC have also entered into an agreement to sell refined minerals through REC’s sales channel and network.”

This, after IPVG in March said its affiliate Conqueror Space Ltd., signed a memorandum of understanding (MOU) with “a Canadian-Chinese firm” that would IPVG exclusive rights to build an operate mineral refineries in India.

The company said that, under the MOU, IPVG would have an access to the skills and expertise of the contractor.

Earlier, IPVG and Conqueror Space signed a memorandum of understanding to acquire 100% of New Wave Resources for P2.8 billion.

IPVG had also said that the acquisition of New Wave Resources would give IPVG exclusive rights over a strategic relationship with a leading builder and operator of refineries in China.

IPVG in the same month had announced that it would be entering mineral refinery business after its board of directors approved to amend its articles of incorporation.

The board approval allowed the company to establish a refinery in the Philippines to refine metal ores, precious stones, oil, gas, coil and minerals intended for export purposes.

Back in October, the firm underwent corporate restructuring by transferring all of its assets to a new company called IP Ventures, Inc.

IPVG earlier said that the transfer was meant to generate cash for company’ shareholders and allow the listed firm to venture in new and more profitable industries.

So far, the firm has posted a P303.38-million loss for January-to-September last year from a P11.27-million profit in the same period in 2010. Shares of the company rose by 0.88% to P1.14 apiece yesterday.