Olongapo SubicBay BatangGapo Newscenter

Saturday, June 09, 2007

Rusina to invest US$600m in Philippines

Rusina Mining NL said it will invest US$600 million in its projects in Zambales province and Semirara island in the Philippines, the Philippine Daily Inquirer reported, citing chief executive officer Robert Gregory.

Rusina will spend US$500 million on a heap-leaching plant in Zambales and spend US$100 million on a nickel-smelting facility in Semirara, the newspaper said, without providing a timetable for the investments by the Perth, Australia-based company.

Manila-based DMCI, which operates the Philippines` biggest coal mine in Semirara, bought 3.66 million Rusina shares in May.

Aussie mining firm to invest $600M

By Amy R. Remo - Inquirer

MANILA, Philippines -- Australia’s Rusina Mining Ltd. plans to invest $600 million for a heap leaching processing facility in Zambales province and a nickel smelting plant on Semirara Island.

At the sidelines of the 7th Asia Pacific Mining Conference and Exhibition, Rusina CEO and managing director said that the mining firm’s partner, European Nickel PLC, had already infused $10 million for a feasibility study on the heap leaching facility.

In all, the facility would require capital expenditure of $500 million, while the smelting plant would require $100 million.

Gregory said that, by putting up the two plants, the firm would be in a position to provide value added services.

“Aside from just shipping nickel ore, we can now process it here through these two facilities,” he said. “We have enough nickel for these two projects.”

The facilities, he added, are meant to ensure that the firm’s operating costs would be kept within manageable levels in the event of a slump in nickel prices.

Gregory also said that, by the third quarter of this year, Rusina would ship to China a trial bulk of 50,000 tons of nickel ore from its Acoje nickel mine in Zambales.

Rusina, through Zambales Diversified Metals Corp., develops and processes nickel from the Acoje mines, which is estimated to have reserves of up to 33 million tons.

Rusina earlier formed a joint venture with DMCI Holdings to put up Zambales Diversified.

The company recently acquired an environmental compliance certificate for the commercial operations of the Acoje project.

“We are planning to increase our volume of production to two million tons from our current target of 1 million tons,” Gregory also said.

Part of the revenue from the nickel shipments, he added, would be used to explore and drill for platinum, and eventually chromite.

Labels: ,


Post a Comment

<< Home


This is a joint private blog of volunteers from Subic Bay. It is being maintained primarily to collate articles that may be of importance to decision making related to the future of Subic Bay and as a source of reference material to construct the history of Subic Bay.

The articles herein posted remains the sole property of original authors and publications which has full credits to the articles.

Disclaimer: Readers should conduct their own research and due diligence before using any article herein posted for whatever intended purpose it may be. This private web log will not be liable for any loss or damage caused by a reader's reliance on information obtained from volunteers of this private blog.

www.subicbay.ph, http://olongapo-subic.com, http://sangunian.com, http://olongapo-ph.com, http://oictv.com, http://brgy-ph.com, http://subicbay-news.com, http://batanggapo.com 16 January 2012