The Manila Times reported that Davao City southern Philippine island of Mindanao based miner Mount Zynai 0304 Mining Corp is investing USD 1 billion to build Mt Zynai Industrial Park that will house the Philippines first steel plant in this municipality. Mount Zynai 0304 Mining Corp & Chinese partner Shenzhou Investor Corp broke ground for the facility in a 15 hectare industrial complex in Barangay Sta Cruz in Diplahan town in province of Zamboanga Sibugay Philippines on 18 June 2022. The facility will house iron core crushing, integrated steel mill and smelting plant and industrial laboratory and produce 1.5 million tonnes of rebars and steel products every year. Construction of steel plant will take four years and is expected to be fully operational in 2026. Mount Zynai 0304 Mining Corp President & CEO Mr Leonardo Fernandez said “We will drill ore materials for steel and make it into steel bars. "Currently, what we do is we send the ore materials to China and then buy them like a steel product. Once the smelting plant is finished, the country will no longer transport the ore materials since it can be done in the Philippines.” Mount Zynai 0304 Mining Corp is a newcomer into the mining operation and has recently acquired the Mineral Production Sharing Agreement of an iron ore mining area in Zamboanga del Sur and a coal mine area in Zamboanga Sibugay. It was also negotiating with the Subanen tribe to mine the same iron ore in Bayog, Zamboanga del Sur which would cover some 15,000 hectares. The Mount Zynai 0304 Mining Corp is wholly owned by Filipino businessmen and with headquarters in Davai City.