NiHAO, BHP ink deal to explore nickel in Zambales
NiHAO, BHP Billiton unit ink mining deal
By Amy R. Remo - Inquirer
By Amy R. Remo - Inquirer
LISTED firm NiHAO Mineral Resources International Inc. has forged an agreement last week with QNI Phils. Inc., the local subsidiary of BHP Billiton Ltd., to explore for nickel in Zambales.
In a disclosure to the Philippine Stock Exchange, NiHAO said the memorandum of agreement covers its Botolan nickel prospect in Zambales.
NiHao's Botolan asset covers two parcels of land--both of which lie between the Botolan and Iba towns of Zambales.
Zambales, traditionally known for its chromite mines, also hosts abundant nickel laterite resources.
Nickel is very much in demand in the world market as it is a vital ingredient in steel manufacturing.
Under the agreement, NiHAO will conduct a preliminary exploration and drilling program on the property, while BHP Billiton will provide technical expertise and advice through a joint exploration management committee.
According to the disclosure, NiHAO will shoulder "all exploration expenses during this period and will be responsible for all legal and regulatory aspects covering the property."
The disclosure also stated that the MOA contains the commercial terms for the offtake agreement, at BHP's option, between NiHAO and BHP's Yabulu nickel refinery in Queensland, Australia.
BHP Billiton is the world's largest diversified resources company. Its Yabulu refinery in Queensland is one of the world's biggest nickel processing facilities.
The offtake agreement for NiHAO's nickel property, the disclosure said, "will take effect once the exploration and drilling program is concluded and will extend for a period of five years."
Under this agreement, NiHAO will deliver 500,000 wet metric tones of nickel ore annually, and will be sold based on London Metal Exchange prices.
Also, NiHAO and BHP signed on the same day a confidentiality agreement, which provides that both parties are not allowed to disclose any privileged information to third parties
In a disclosure to the Philippine Stock Exchange, NiHAO said the memorandum of agreement covers its Botolan nickel prospect in Zambales.
NiHao's Botolan asset covers two parcels of land--both of which lie between the Botolan and Iba towns of Zambales.
Zambales, traditionally known for its chromite mines, also hosts abundant nickel laterite resources.
Nickel is very much in demand in the world market as it is a vital ingredient in steel manufacturing.
Under the agreement, NiHAO will conduct a preliminary exploration and drilling program on the property, while BHP Billiton will provide technical expertise and advice through a joint exploration management committee.
According to the disclosure, NiHAO will shoulder "all exploration expenses during this period and will be responsible for all legal and regulatory aspects covering the property."
The disclosure also stated that the MOA contains the commercial terms for the offtake agreement, at BHP's option, between NiHAO and BHP's Yabulu nickel refinery in Queensland, Australia.
BHP Billiton is the world's largest diversified resources company. Its Yabulu refinery in Queensland is one of the world's biggest nickel processing facilities.
The offtake agreement for NiHAO's nickel property, the disclosure said, "will take effect once the exploration and drilling program is concluded and will extend for a period of five years."
Under this agreement, NiHAO will deliver 500,000 wet metric tones of nickel ore annually, and will be sold based on London Metal Exchange prices.
Also, NiHAO and BHP signed on the same day a confidentiality agreement, which provides that both parties are not allowed to disclose any privileged information to third parties
posted by OlongapoCity Zambales at
5:52 AM
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