Koreans eye local minerals, buy into chromite project
A Korean consortium is initially investing P59 million into a chromite production and processing project on Homonhon Island, Eastern Samar, that the group believes would be “the biggest in Asia.”
A group comprising state-owned Korea Resources Corporation (Kores), Korea Infrastructure Investments Asset Management Co. Ltd. (KDB Kiamco) and K&P Partners Investment Co. Ltd. is investing the amount to get a minority stake in Philippines-based Cambayas Mining Corp. and to boost production in the Homonhon chromite project, said Anthony Kang, social and community development specialist of K&P Partners Investment.
The partners signed on Thursday a head of agreement on the venture.
Kang said after the signing ceremony that with the initial investment of P59 million, Cambayas will work with the Korean group to boost production from 3,000 tons and will export the chromite concentrate to China.
Eventually, Kang said, the goal is to raise production to 30,000 to 40,000 tons a month, but that this depends on certain conditions, including Cambayas’ getting permits for increased production.
The long-term plan, Kang said, is to put up a value-added processing plant in the Philippines.
Korea needs minerals and the consortium hopes to get supply from the Philippines, he said.
Local residents of Homonhon will be prioritized in hiring personnel for the project, Kang added.
Cambayas’ Homonhon chromite project is located in Guiuan, Eastern Samar. The project site encompasses 3,516 hectares but the present operation only takes up 100 hectares.
