Oriental Peninsula Resources Group in the Philippines may not meet production and earnings targets it committed when it went public last year because of its failure to secure a nickel mine site in Palawan.
Ramon Atayde, chairman of Oriental’s parent company Platinum Group, said in a statement, “I think the bottom line is we continue to be in possession of the mines and this is what the Oriental story is all about. Unfortunately, they went public and they did not disclose one important thing—who is in possession of the mine.”
Municipal Mayor Clarito Demaala Jr. and Barangay captain Betty Ignacio of Narra, Palawan has backed the claim of Platinum Group on the Toronto nickel mine site since its operation in 2004.
They noted that Platinum Group had a campsite, mine site and stockyards in the area covering 768 hectares while “Citinickel Mines and Development Corp. nor Olympic Mines Development Corp. has no physical presence in the area and never occupied the Toronto Nickel Mines.”
Oriental Peninsula said in its initial public offering in December, that it expected to start nickel ore production in the first half of 2008, ship 600,000 wet metric tons of ore from its Española mine in Palawan and eventually raise the output to 100,000 MT a month. Full- year production in 2009 was expected to hit 1.5 million tons.
Atayde said Platinum Group remained in control of the nickel mine site in Narra and Sofronio Española in Palawan although operations have been suspended by pending court cases.
Source: Manila Standard
Minerals and Metals at www.minerals-and-metals.com
1 comment:
Well, as long as you are not against the law, there should be no reason to stop operation. But Palawan is a good place and it should be protected.
cash for platinum
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