Olongapo SubicBay BatangGapo Newscenter

Thursday, September 18, 2008

Nihao unit gets right to mine nickel in Zambales

It is reported that Companhia Nube Minerale Inc, a subsidiary of Nihao Mineral Resources International Inc, has executed an operating agreement with another local mining firm for the exclusive right to develop a nickel mine in Botolan, northwest of Manila.

As per report, Companhia Nube Minerale Inc has acquired from Concorde International Mining Corporation the exclusive right to develop and operate, for the extraction of nickel, the 2,564 hectare property in Botolan.

The agreement is for 5 years and may be renewed for another 5 years.

Nihao said that Nube Minerale agreed to pay Concorde a royalty fee per tonne of nickel shipped, based on the average current nickel price, with escalation in the event of increase in nickel prices.

Nube Minerale will also be given first priority in the event Concorde decides to enter into another joint venture to develop other mineral resources in the Concorde AEP area.

In August 2008, Nihao signed an agreement with Jiangxi Rare Earth and Rare Metals Tungsten Group Co on exploration and development of mine sites in Zambales. Under the agreement, Jiangxi, Nihao and Geograce Resources Philippines Inc will form a partnership to explore and develop Zambales mining holdings totaling 35,496.6 hectares that are either directly or indirectly held by the two local firms.

The agreement also provides for other arrangements, including establishment of a JV processing plant for nickel and cobalt in the Philippines. If the exploration work proves successful, a nickel smelting plant will e put up in Zambales in three to six months. steelguru.com

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