Wellex Mining Corp. of plastics king William Gatchalian is investing P473 million for a nickel ore project in Dinagat Province. The project involves the production of beneficiated nickel ore for exports to Macau, Japan, China, Taiwan and India.
The mining facility will have a capacity of 1.2 million wet metric tons of beneficiated nickel ore per year. It will start commercial operations in July 2009 and generate some 160 new jobs.
An entirely new mining project, it has secured perks from the Board of Investments under the 2007 Investment Priorities Plan.
A mineral production sharing agreement covering the mining site was approved in 1992 and granted to a local company, Vista Buena Mining Corp. Vista Buena later executed an agreement with North Dinagat Mining Corp., which subsequently signed a deed of assignment with Wellex Group.
Wellex Industries Inc., the parent of the mining subsidiary, earlier revealed plans to shift its business focus to high-growth sectors such as mining and petroleum exploration and away from warehousing and manufacturing.
The company announced it was looking at the Caraga region in Mindanao, especially the mineral-rich provinces of Surigao del Norte, Surigao del Sur and Dinagat and also plans to mine chromite, gold and copper.
Meanwhile, a joint venture between Mapula Creek Gold Corp. and Crew Gold Minerals of Canada plans to revive the gold mine of Apex Mining Corp. in Maco, Compostela Valley.
The project, which involves investments of P1.26 billion, will create 1,125 new jobs and will start commercial operation in January 2010.
Source: Manila Standard
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