RP mining firm eyes Japan, Australia as export markets

A Filipino-owned mining firm is gearing to penetrate the export markets of Japan and Australia in the coming months after it successfully shipped 54,000 metric tons (MT) of nickel ore to mainland China last week. Officials of the Oriental Vision Mining Philippines estimate the shipments to be around 50,000 to 60,000 MT, which will be both profitable owing to the grade of ore. Subsequent shipments will have a grade of 1.8 percent nickel, twice the grade than the first shipment, they said. Based on a company report, the first shipment of 54,000 MT nickel has a grade of 0.9 percent that is expected to rake in a gross revenue of about P28 million. In 2008, Oriental Vision, a 100 percent Filipino-owned company, acquired mining properties and operating rights for nickel and chromite deposits in Dinagat Province; copper, gold, zinc, sulphur, pyrite, phosphate and coal properties in Sarangani and Surigao Provinces. The Sangay Nickel Project in Dinagat Island had been programmed to produce 5 million MT of laterite and saprolite nickel ores for the next five years with a partial confirmed mineable ore reserve of 5 million MT with an average grade of 1.2 percent nickel; 26.43 percent iron; and a partial probable ore reserve volume of 38.3 million MT. The Palhi Nickel Project in Dinagat Island is expected to produce 5 million MT of laterite and saprolite nickel ores for the next five years with a partial confirmed mineable ore reserve of 3.3 million MT with an average grade of 1.40 percent nickel and more than 30 percent iron. Drilling operations are ongoing in both Sangay and Palhi Nickel projects to establish and confirm its total mineable ore reserves and ore resource. Further exploration also found the presence of chromite ore with grades ranging from 2 to 8 percent. Initial testing revealed that the chromite ore can be upgraded to more than 40 percent. The company is also planning to develop the Dinapique Nickel Mine in Isabela, Cagayan. Exploration is still ongoing to further expand the area for development and maximize the resource potential of the property. Furthermore, Oriental Vision, in partnership with Borja Mining, is also involved in developing the Abacus Coal Project in Tago and Marihatag, Surigao del Sur. When fully developed, this are has a potential resource of 182,000,000 MT, the company said. To maximize the company’s earnings, it plans to put up a Pilot Chromite Recovery and Concentration Plant in Sangay, Dinagat Island. This is in line with the company's goal to be the country’s top exporter of nickel and chromite in the Philippines. Publicly listed mining company NiHAO Minerals International Corporation (PSE: NI) has a 30 percent equity stake in Oriental Vision. - KBK, GMANews.TV