Mindoro Resources Ltd. is looking for a strategic partner for its two-stage development plan for the Agata nickel project in the Surigao nickel district of Mindanao.
Mindoro Resources expects a mine life of 20 years for Agata.
The Canadian mining firm said it had engaged Deloitte Corporate Finance Pty Ltd. of Australia as financial advisor to help its search.
“Deloitte was selected because of its demonstrated knowledge and experience working with leading nickel producers and buyers—its strong Beijing-based mining advisory team, familiarity with the Asian markets Mindoro plans to serve, and ranking as one of the largest mergers and acquisitions (M&A) franchises with offices around the globe,” Mindoro Resources president and CEO Jon Dugdale said.
The company said the updated measured and indicated resource totals 42.76 million tons, with nickel amounting to 430,000 tons. Mindoro Resources said that is 10.1 million tons, or 31 percent higher than the September 2010 estimate.
The report said the total inferred resource was updated by 0.75 million tons to 2.435 million tons at 0.99 percent nickel.