BHP Billiton Ltd. has announced that it has ended its dispute with the Philippine partner Asiaticus Management Corp. to pave way for a nickel mine project.
BHP Billiton Ltd. is a diversified natural resources entity having businesses of producing alumina and aluminum, copper, thermal-energy, coal, iron ore, nickel.
BHP and Asiaticus have been in a legal conflict since 2008 after the unlisted Asiaticus considered void its JV agreement with BHP, as the latter was accused by the former saying it was moving too slowly in developing the Pujada mine in the Southern Mindanao region.
Pujada is estimated to have 200Mt of nickel ore reserves with 1.3% nickel. In May 2008 Asiaticus gained a ruling from a Philippine court which barred BHP from the Pujada site compelling it to halt exploration activities.
BHP has committed to invest up to $2 billion in the mine which included a nickel processing plant and has spent about $3 million on exploration.
Source: Commodity On-line
1 comment:
America, Canada, Australia and many other countries on Earth were developed by the the use of foreign capital. I don't think Filipinos should be afraid of this process.
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