Mining firm in southern Palawan ships 99,000 tonnes of nickel to Asian buyers

07-Jun-2008 Intellasia | Trading Markets | 7:01 AM Print This Post

A Canada-based mining company operating in southern Palawan reported that it has shipped 99,000 dry metric tonnes of laterite nickel material to buyers in China and Japan.

In a company statement, Toronto Stock Exchange-listed MBMI Resources Inc., said the Alpha Nickel project operating in Narra town shipped 99,000 dry metric tonnes at an average grade of 1.85% and sold to Sinosteel Raw Materials Co (SRMC) of China and the Nippon Yakin Kogyo Co Ltd (NYKC) of Japan.

Generally, it also said shipments have averaged approximately 30% moisture content and have varied in size and grade depending upon the particular requirements of the commercial buyer.

Further, some 140,000 wet metric tonnes of nickel-bearing material has been excavated from within the project allowed areas and has been segregated by grade and stockpiled at the coast in preparation for shipping to Asian buyers, the statement also said.

MBMIs subsidiaries have been issued three small scale mine operating (SSMO) permits by the government of the Philippines with respect to the Alpha project.

The issuance of these permits enables the extraction of raw nickel material for shipment to Asian commercial buyers, and the first nickel material shipment was made in January, 2008.

The SSMOs allow the shipment of up to 50,000 dry metric tonnes of material per permit per year for a two-year period.

MBMI Resources is focused on the exploration and development of nickel mineral properties in the country.

Its partners and subsidiaries jointly control eight nickel laterite projects in Palawan and Samar, covering an area greater than 22,000 hectares.

The companys objective is to become a major supplier of high-grade nickel material to primary commercial buyers in Asia.


Category: ResourceAsia

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