[Asia Economy Reporter Jang Hyowon] JSC Holdings recently announced on the 16th that it is preparing to be promptly designated as an "economic zone" by the Philippine government, following its acquisition of sales rights for local nickel ore in the Philippines.
On the 8th, JSC Holdings signed a comprehensive Memorandum of Agreement (MOA) with EVM (EV Mining & Development), located in Surigao del Sur, Philippines, securing business rights, shares, and sales rights for the local nickel mine.
If designated as an economic zone, advantages include tax credits on ore exports and the ability for large corporations, such as smelters, to import related equipment duty-free when making investments. As a result, it is reported that JSC Holdings is coordinating mine visit schedules for sample collection with domestic secondary battery companies.
The nearby Taganito Mine, secured by JSC Holdings, saw a large-scale investment by Japan's Sumitomo in 2008, including the joint establishment of a smelting plant. Currently, Taganito Mine is designated as an economic zone, allowing Sumitomo to enjoy various benefits.
A JSC Holdings official stated, "Since the Philippine government actively supports nickel mine development and ore exports at the national level, the acquisition of mining rights is expected to proceed smoothly. Given the successful case of Taganito Mine, there should be no problem in designating JSC Holdings' nickel mine, located in the same area, as an economic zone."
He added, "So far, we are only considering a low-cost, high-efficiency business model that directly exports nickel ore after mining. Considering that the nearby Taganito Mine mines about 10 million tons of ore annually, if a similar scale of business is conducted, annual sales of approximately $1 billion (1.3 trillion KRW) can be expected."
Meanwhile, EVM's nickel mine is known to contain premium ore with a grade of 0.9?2.0%, and the estimated reserves are about 500 million tons.
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