FNI signs agreement with Russian partners for nickel ore processing venture
Global Ferronickel Holdings, Inc. (FNI), the second largest nickel producer in the Philippines and the largest single lateritic mine exporter in the world, is teaming up with Vi Holding LLC of Russia for the processing of nickel ore.
In a statement, FNI said Vi Holding is a member of an international investment and industrial group of companies from Russia with interests in mineral exploration and processing, real estate, energy and in innovative solutions.
The two firms have signed an agreement for the implementation of joint business projects in the processing of lateritic ores.
The agreement also seeks to enhance mutually beneficial business cooperation between the two countries, especially in the areas of mining, metallurgy and energy.
The agreement was signed alongside Philippines and Russia bilateral meetings in the framework of the 31st ASEAN Summit and Related Summits being hosted by the Philippines this year.
“FNI hopes to take advantage of Vi Holding LLC’s patented technology of processing nickel-bearing ore that requires significantly lower capital investment coupled with lower production costs,” the firm said.
It added that this technology makes it possible to quickly and efficiently build mining and metallurgical complexes comprising independent coal-fired power supply facilities.
The two Companies are now in the process of forming a Joint Working Group to undertake initial testing of ore samples and conduct feasibility studies.
“We are one with the government in pushing for industrialization of the mining industry,” said FNI Chairman Joseph C. Sy.
He noted that, “going into value added processing has long been part of our business objectives and we are very excited at the prospects this new technology brings.”
Sy said several key officials of Vi Holding LLC recently visited FNI’s subsidiary in Cagdianao, Surigao del Norte, Platinum Group Metals Corporation (PGMC), “and were impressed by its operations.”
PGMC just announced the completion of its full-year shipment of 5.970 million wet metric tons (WMT) or 109 vessels of nickel ore in 2017. This compares to 4.309 million WMT shipped in 2016 and 5.352 million WMT in 2015.