[Asia Economy Reporter Jang Hyowon] J-Sco Holdings announced on the 11th that it has begun the process of establishing a local corporation to promote its nickel mining business in the Philippines. The company plans to establish a 100% subsidiary and then intensify mining exploration.
The mining exploration is a procedure to analyze the nickel reserves and composition in the secured business sites, with about 300 drillings being conducted. Currently, the company is selecting sites with good commercial viability and the highest nickel content from the ore containing an average of 1.3~2.0% nickel per ton in the region. The company explained that it can also identify the content of other metal minerals included in the ore besides nickel.
On the 9th, J-Sco Holdings' joint partner in the Philippine nickel mining business, EVM (EV Mining & Development), completed the application for an exploration permit (EP) for 4,700 hectares (approximately 14 million pyeong) to the Mines and Geosciences Bureau.
Additionally, the company has finalized discussions with a local law firm according to Philippine law to detail the existing Memorandum of Agreement (MOA), including scope limitations on the mining rights and exclusive sales rights of the ore. The main contract is scheduled to be signed at the time of registration of the newly established local Philippine corporation.
A company official stated, "J-Sco Holdings plans to secure a 10% stake in addition to the exclusive sales rights of the ore in the Philippine nickel project promoted by EVM."
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