InfoAnda - Jiangxi Group to build Philippines nickel processing plant: partner

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Jiangxi Group to build Philippines nickel processing plant: partner AFP - 1 hour 50 minutes ago MANILA (AFP) - - China's Jiangxi Rare Earth and Rare Metals Tungsten Group Corp. is to build a pilot nickel-cobalt ore processing plant in the Philippines, its Filipino partner said Friday. It will be built at the Berong Nickel Corp's mine on the western island of Palawan and is expected to have a capacity of 3,000 to 5,000 tonnes a year, which will be sold to the Chinese firm at global market prices, it added. Listed Atlas Consolidated Mining and Development Corp., which has a 25.2 percent stake in Berong Nickel Corp., said the plant would provide key inputs to the eventual construction of a full-scale plant capable of processing up to 40,000 tonnes of ore a year. The Jiangxi group, owned by China's Jiangxi province and the world's largest tungsten and rare metals processing company, is now building a refinery in China to process the product from the Berong leach plant. Berong Nickel Corp. will have an option to acquire up to a 25 percent stake in the refinery, it added. Jiangxi group's investment is in line with China's continuing heavy investment in oil and mineral resources abroad to supply the growing needs of its powerhouse manufacturing sector. Atlas told the Philippine Stock Exchange in a disclosure statement that the Chinese firm will finance the entire capital cost of the leach plant in exchange for a guaranteed long term laterite ore supply agreement. The partners' ownership shares in the plant are yet to be agreed, it added. Atlas said the Berong deposit has about 140 million tonnes of reserves averaging 1.41 percent nickel and 0.07 percent cobalt. It started production last year. The deal "puts Berong Nickel Corp. on the path to becoming a mid-tier, vertically integrated nickel producer," it said. "In the current economic climate, added value processing of ore is the optimum way forward for nickel producers, eventually to replace direct ore shipping," it added. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy SKorea industrial production slows in OctoberAFP - 29 minutes ago Ping An seeks China govt help over losses in FortisReuters - 1 hour 16 minutes ago Asian markets rise; Indian stocks dip after attackAP - 1 hour 17 minutes ago Seoul shares rise 1.2 pct; Hynix, Kia Motors rallyReuters - 1 hour 36 minutes ago Related Articles: Business SKorea industrial production slows in OctoberAFP - 29 minutes ago Indian bond yields at 3-yr low on rate cut hopesReuters - 43 minutes ago Bulgari expects tough Christmas, 2009 for sales-CEOReuters - 44 minutes ago MF Global to trade distillate swaps in Asia-sourcesReuters - 46 minutes ago Nikkei gains as China hopes, Kyocera offset PanasonicReuters - 47 minutes ago Enlarge Photo Jiangxi Group to build Philippines nickel processing plant: partner Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US clears Bank of America deal for Merrill Lynch US president's mother 'doing very well' in hospital: Laura Bush Love handles increase death risk: study Obama vows 'help is on the way' for the economy Michael Jackson strikes 'amicable' deal with Arab sheikh View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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