J'sco Holdings Acquires 10% Stake in EVM... "Accelerating Nickel Mineral Business for Secondary Batteries"

[Asia Economy Reporter Jang Hyowon] JSCO Holdings announced on the 16th that its local Philippine subsidiary, ‘JSCO PH,’ has secured a 10% stake in EVM (EV Mining & Development).

After signing an MOA with EVM in December last year, JSCO Holdings established its Philippine subsidiary within two months and has now completed the final acquisition of EVM shares. Based on this stake acquisition, the company explained that it expects to achieve tangible results related to nickel ore supply with several companies currently under negotiation.

The mining project conducted by JSCO Holdings is an ‘open-pit mine’ containing nickel components within surface geology, rather than a mine requiring large-scale excavation and drilling. Since the company plans to mine and export nickel ore, it expects that after obtaining permits and completing exploration processes in the Philippines, global exports will be possible in the near future.

Currently, JSCO Holdings is awaiting EP (Exploration Permit) approval for approximately 14 million pyeong of nickel mines in the Surigao area of Mindanao Province, Philippines. Once the EP, a high-purity nickel ore selection procedure within the mining area, is obtained, the company plans to start mining operations from the areas with the highest yield among ores containing an average of 1.3~2.0% nickel.

The mining area for which JSCO Holdings has applied for exploration rights is already being mined for nickel and rare earth minerals by seven global companies. The Japanese company ‘Sumitomo’ has been conducting mining operations since 2008.

A company official stated, “We have completed laying the foundation for the Philippine mining project, including establishing the subsidiary and acquiring shares in EVM,” and added, “We plan to sequentially obtain the EP permit as well as the mining rights (MPSA), which is the final stage of approval.”

He continued, “Following the initial investment of 5 billion KRW for establishing the subsidiary, we plan to continuously make follow-up investments according to permits and production milestones,” adding, “Based on this, we will be responsible for sourcing raw materials, which are key in the high-nickel battery value chain for secondary batteries.”