Publicly listed miner Nickel Asia Corp. (NAC) may look for a partner to develop two mines in Davao Oriental, depending on the findings of an ongoing feasibility study being conducted on the sites.
“For Pujada [nickel project], we have yet to finalize the decision,” said NAC vice president Andre Mikael Dy.
“This will be dependent on the feasibility study of an ore processing plant. We will have to wait for that feasibility study,” he said.
Pujada nickel project, particularly ore production and export operations, will be bankrolled using internally-generated cash and no fundraising exercise will be undertaken, Dy said.
The mining company did not divulge details on the target commencement of operations or production sales target.
Dy said that based on the initial assessment, the mine site’s estimated resources are 750 million wet metric tons (WMT) while mineable reserves are pegged at 60 million WMT.
“Estimated resources we have given should give you an idea of the project’s potential,” he added.
NAC already secured the approval for the firm or its subsidiary to become the sole and exclusive contractor for two mine properties in the area following the acceptance of its letter of intent by Hallmark Mining Corp. and Austral-Asia Link Mining Corp.
The listed firm’s commitments include the conduct of due diligence and exploration activities as well as the execution of definitive agreements among the parties.
It also allowed NAC to determine the viability of a high pressure acid leach facility. INQ