JSCO Holdings-EVMDC Commence Construction of Nickel Mine Infrastructure

Mining Starts from May

JSCO Holdings announced on the 22nd that its local partner in the Philippines, EVMDC (EV Mining & Development), has officially commenced infrastructure construction for nickel ore mining. JSCO Holdings invested in EVMDC last year and holds a 10% stake.

The groundbreaking ceremony was attended by Governor Dumeri of Dinagat, Mayor Longos of Cagdianao, and Director Jaldi of the Philippine Mines and Geosciences Bureau (MGB) Dinagat. JSCO Holdings CEO Sangmin Han and President Kwangbeom Choi also visited the site.

According to EVMDC, the construction period until completion is expected to be about 5 to 8 months, during which a stockyard, a pier, accommodations, and offices will be established. However, mining of the nickel ore is expected to begin earlier, starting in May.

The nickel mining areas secured by EVMDC from the Philippine Mines and Geosciences Bureau consist of three zones, with mining to begin first in Zone D, which is closest to the riverbank. Analysis of components and geological survey reports confirmed that over 100 million tons of high-purity nickel ore are deposited in this zone.

A JSCO Holdings official stated, "Since mining is expected to start soon, we plan to conduct additional component analyses to increase reliability," adding, "The analysis results are expected to be finalized by next month."

He continued, "Once full-scale raw material sales begin, significant revenue is expected from related new businesses," and added, "JSCO Holdings will receive income from equity investments and 5% of the nickel ore sales revenue."