Alsons Consolidated Resources, Inc.(ACR) is on track to meet its targeted net income of P158 million for 2009 which is a full 57% increase over 2008 earnings adding its robust business augurs well for the conglomerate’s investment focus in Mindanao.

ACR chairman Tomas I. Alcantara told Business Bulletin shortly after the announcement by ACR of a P0.01 per share cash dividend.

Alcantara said that they continue to focus their investments in Mindanao because that is an area that they know best.

“It is Mindanao that we know best. We are aware of the recent problems that have recently received wide attention but we are confident that these crises will pass and Mindanao will continue to surge forward. We have been on the island for more than half a century and we see ourselves, together with our partners and investors, as growing and expanding in the same area for the next half century,” Alcantara said.

According to Alcantara, the power subsidiaries of the listed holding company, operating power generating plants out of Southern Mindanao remain as the major revenue drivers of ACR.

With its proven track record of putting up greenfield power generating plants, Alcantara talked of the new 200MW coal-fired power plant its power holding subsidiary Conal Holdings was developing in Maasim, Sarangani.

Alcantara said that the bids by invited contractors to build the facility have already been submitted and a bid award is expected before the end of the first quarter of 2010. The new plant seeks to address the envisioned power shortage that could hit the Southern Mindanao area as early as the year 2011 and the projected increase in demand for the next decade.

Alcantara stated that the 200MW power plant was the most advanced among several other power and energy projects in the ACR pipeline.

These include the proposed 100,000 liter-per-day bioethanol plant in Cagayan de Oro and the planned 42 MW Siguil minihydroelectric project also in Sarangani province. These new revenue streams should contribute to ACR’s earnings in the medium and long terms.

Asked to comment on the group’s other businesses, Alcantara stated that ACR is also pursuing opportunities in mining thru its wholly-owned subsidiary ACR Mining Corporation (ACRMC) in 2010.

At present, ACRMC has a 75% interest in the Manat Exploration Joint Venture Agreement, with the other 25% interest being owned by Southern Exploration Corporation (SECO), an affiliate of Indophil Resources NL of Australia.

The exploration joint venture is seeking to complete the exploration of ACR’s mining claims in Davao del Norte and Compostela Valley. Various options are being considered in the operation of the mines post exploration, including the expansion of the coverage and a tie-up with other mining outfits with long and proven track records on extractive operations.

The discovered deposits have since almost doubled in value since the last independent valuation due to the increase in the price of gold.

In preparation for these potential alliances, studies are being undertaken on how to best maximize present and future investor values.

When pressed, Alcantara said that the mining business could remain in ACR’s business portfolio. A second alternative being considered is the listing of ACRMC by introduction, after obtaining shareholders approval and the requisite clearances from the regulatory bodies.