Canadian Firm Plans To Explore Philippines Nickel
Published by MAC on 2006-09-11Source: Reuters
Canadian firm plans to explore Philippines nickel
11th September 2006
MANILA - Canada's Chemical Vapour Metal Refining Inc. plans to explore nickel in the Philippines, and may later put up an integrated processing facility in the country, officials said.
The local unit of the Canadian firm, CVMR Resources Philippines Inc, has applied for exploration permits with the government in Samar and Palawan provinces, Philippine manager Jinkee Agapito, told Reuters.
Last week, the Mines and Geosciences Bureau said the Canadian firm and Rio Tinto, the world's second largest mining firm, were among big foreign firms that expressed interest to invest in the country.
Horacio Ramos, head of the bureau, said the Canadian firm is interested in an integrated nickel operation in the Philippines which entails mining, processing and producing value-added products like nickel brickettes.
Investment for this would be up to $3 billion, Ramos said.
Agapito, however, said she cannot confirm how much the Canadian firm plans to invest in the Philippines.
The Philippines, which is trying to lure foreign firms to invest an initial $6.5 billion in 24 priority projects to revive its once mighty mining industry, plans to require mining companies to later go into value-added production, a government source said.
"The plan is to provide incentives so that value-added processing can be done in the country," the source, who requested not to be identified, said.
Under the plan, producers of copper cathodes will be asked to also invest in wire manufacturing while gold producers will be encouraged to make jewelry.