JESCO Holdings announced on the 24th that it has additionally confirmed the presence of high-grade nickel with a maximum concentration of 2.8% in the Dinagat nickel mine in the Philippines.
JESCO Holdings has completed drilling operations at over 120 sites and is conducting additional drilling at 180 sites. According to the analysis report by the global testing and inspection agency Intertek, the nickel content in the ore samples obtained through drilling was confirmed to be ultra-high purity, reaching up to 2.8%. In particular, since nickel content is generally higher in the upper layers of the mine, the drilling analysis results from the high-altitude areas, expected to be received soon, are also highly anticipated.
Larry Hernandez, Director of the Mines and Geosciences Bureau (MGB), stated, "The nickel content in the area where JESCO requested compositional analysis is ultra-high purity, which has not been seen in currently operating mines in the Philippines," and explained, "The average nickel content in ore extracted from mines near Dinagat ranges from 0.8% to 1.3%, which is considerably higher than typical nickel content."
JESCO Holdings is also accelerating its exclusive nickel sales rights contract with its local partner EVMDC (EV Mining & Development). Recently, JESCO's local subsidiary, JESCO PH, completed an additional investment of 150 million pesos (approximately 3.7 billion KRW) in EVMDC. These funds were paid by EVMDC to PMDC, a state-owned company under the Philippine Department of Environment and Natural Resources, as compensation for acquiring joint operation and development rights for the Dinagat mine. This amount is expected to be converted into a down payment and part of the interim payment upon signing the exclusive sales rights contract in the future.
A company official explained, "To increase the reliability of the nickel content, we are conducting cross-checks by sending ore samples not only to Intertek but also to the Philippine Mines and Geosciences Bureau," adding, "We plan to complete drilling analysis and the Environmental Compliance Certificate (ECC) by next month and proceed with the construction of all necessary facilities for the mining project."
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