SM Investments, the largest conglomerate in the Philippines and led by some of the wealthiest families in the country, is set to consolidate its assets to create the nation’s biggest miner. The move signals the Philippines’ growing role in copper supply chains as Indonesia tightens its exports and Peru and Chile face production headwinds.
Bloomberg reports that SM is planning to transfer its 34% stake in Atlas Consolidated Mining and Development to Dominion (PSE:DHI) by 2027.
SM also plans to transfer its controlling interest in the Tampakan Copper-Gold Project in South Cotabato, Mindanao, to Dominion. SM President and CEO Frederic DyBuncio has said the consolidation has the potential to create the country’s biggest gold and copper mining firm.
Tampakan, operated by Sagittarius Mines, contains one of the largest undeveloped copper-gold deposits globally and is set to commence production in 2028. The mine is expected to yield an average of 375,000 tonnes of copper and 360,000 ounces of gold concentrate per annum over 17 years. It has an estimated 2.94 billion tonnes (Bt) of ore resources valued at US$150 billion ($211.3 billion).
The project has faced significant delays since its discovery over 30 years ago. Glencore (LON:GLEN) exited the project in 2015 amid a four-year nationwide ban on open-pit mining.
In 2025, Sagittarius CEO Roy Deveraturda highlighted an interest in bringing a partner onto the project, one that could bring modern technology to help get it moving.
This week’s news of the expected consolidation has led to a surge in Dominion’s share price.
Untapped copper assets back in focus
The Philippines holds a vast quantity of copper, gold, nickel, and chromite reserves, valued at around ₱588.12 billion ($13.43 billion) in 2025, according to the Philippine Statistics Authority.
The country is currently the world’s largest exporter of nickel ore and the second-largest producer globally. With vast reserves of nickel, copper, and other critical minerals, it plays a critical role in global supply chains.
Despite its resources, the Philippines remains largely underexplored, partly due to the Philippine Mining Act of 1995, which requires exploration and development to be undertaken by firms that are at least 60% Filipino-owned.
Foreign-owned corporations may be granted permits for large-scale exploration, development, and utilisation of specific minerals.
Environmental oversight remains a central issue. Under the Mining Act of 1995 (PH), the Philippine Department of Environment and Natural Resources enforces strict rules on permitting, biodiversity protection, and the regulation of small-scale and illegal operations.
St Augustine Gold & Copper (TSX:SAU) is advancing another of the world’s largest copper-gold projects in the Philippines, the Kingking Project. The company is commencing a definitive Feasibility Study following the publication of its Preliminary Feasibility Study in July 2025.
Located in Mindanao, the Kingking Project is a greenfield project hosting 1.119Bt of measured and indicated mineral resources at 0.24% copper (Cu) and 0.34 grams per tonne gold (Au), with inferred mineral resources amounting to 675.2 million tonnes at 0.20% Cu and 0.27g/t Au.
Over the life of the mine, the Kingking Project is expected to produce 178,000 tonnes per day, with 4.55 billion pounds of Cu and 7.10 million ounces of Au projected in total.
Despite hosting some of Asia’s largest porphyry copper systems, the Philippines remains one of the region’s most underexplored jurisdictions, with decades of regulatory uncertainty and limited modern drilling leaving vast reserves untapped.
The recent news from SM signals a meaningful shift, underscoring renewed confidence in the country’s resource base and the potential for policy alignment to unlock stalled projects.
Against this backdrop, fresh opportunities such as the Kingking Project highlight how strategic assets in the Philippines could advance under a more supportive environment, helping the country turn its geological promise into development-ready copper supply for the global energy transition.
Write to Amy Rotman at Mining.com.au
Images: Atlas Consolidated Mining and Development
