MANILA - Listed firm Apollo Global Capital Inc. (APL) said on Monday its mining subsidiary JDVC Resources Corp will start deep-sea mining of magnetite iron ore this February.

As the first large-scale deep-sea mining in the Philippines, JDVC secured all environment, mining and social permits, licenses and certifications, and has "secured satisfactory community acceptance" from nearby local government and communities, APL said.

The deep-sea mining and exploration will be within JDVC's 1,897 hectares of mining tenement, located 14 kilometers offshore from the municipality of Gonzaga in Cagayan province.

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APL said a new deep-sea mining vessel, named MB Siphon I, is now on standby at the mining site pending favorable weather conditions.

It added that JDVC has partnered with Kinetic Holdings Corp of nickel and restaurant magnate Frank Lao, who invested 3 additional deep-sea mining vessels that will mine a combined 10,000 tons of ores per day.

"The three vessels are slated for deployment one after the other during the months of March, April, and May of 2021," APL said.

JDVC claimed it is the first in the Philippines to operate large-scale offshore mining of magnetite iron ore.

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