J'sco Holdings Vice Chairman Seomyeongseok: "It Will Be the First Successful Case of Overseas Resource Development in Korea"

"As the first and only company in Korea to possess high-quality nickel ore and a stable supply chain in the Philippines, JESCO Holdings plans to commence commercial nickel mining in 2025. JESCO Holdings will reemerge as a leading supplier of key raw materials for the Asian and European electric vehicle battery markets and as a leader in the global nickel market."

At the inauguration press conference held on the 18th in Yeouido, Seoul, newly appointed Vice Chairman Seo Myeong-seok stated, "It is regrettable that the understanding of the achievements made by small and medium-sized enterprises is significantly low in the capital market and industry. My greatest mission is to maximize domestic and international understanding of JESCO Holdings' nickel business, which will be recorded as Korea's first successful overseas resource development case, and to support its growth into a global company."

Seo Myeong-seok, former CEO of Yuanta Securities, was appointed as the Executive Vice Chairman of JESCO Holdings on the 2nd. Vice Chairman Seo will serve as a bridge between JESCO Holdings and the financial investment industry and will support overall company management, including entry into the global nickel market.

Vice Chairman Seo began his career in the securities industry in 1986 by joining Dongyang Securities, the predecessor of Yuanta Securities, through open recruitment. He subsequently held key positions such as Wrap Operations Team Leader, Investment Strategy Team Leader, Head of Research Center, Head of Corporate Planning Division, and Vice President. In December 2013, he was appointed CEO of Dongyang Securities. After Dongyang Securities welcomed a new major shareholder and rebranded as Yuanta Securities in 2014, he served as CEO and was reappointed three times until his term ended in March 2020.

Notably, after becoming CEO of Yuanta Securities, Vice Chairman Seo was the key figure in normalizing the company, which was in crisis due to the 'Dongyang Incident,' and led it to achieve record-high performance. He is also a representative 'one-club man' in the securities industry, having worked at Yuanta Securities for 37 years despite frequent job changes in the sector.

Vice Chairman Seo said, "Entrepreneurship refers to the attitude and spirit of entrepreneurs who think challengingly and creatively to create new value and execute innovative actions. It is not merely about starting a business but focuses on overcoming existing limits and capturing new opportunities to create economic and social value."

He added, "It is very encouraging that JESCO Holdings, a small and medium-sized enterprise, has begun to realize results in its nickel mine development project, which started by taking considerable risks. This will be recorded as an important success case of entrepreneurship."

He continued, "Based on decades of experience and know-how in the capital market, I plan to support JESCO Holdings' nickel ore business by promoting ESG management and creating optimal financial solutions to meet investment capital demands arising during the company's growth. Through the successful advancement of the nickel ore development project, we promise stable sales and sustainable growth through global market entry."

JESCO Holdings expects that the recruitment of Vice Chairman Seo, a former CEO of a securities firm, will accelerate the nickel ore business. The nickel ore development project is approaching concrete results after a long journey of over three years.

Last October, JESCO Holdings completed 443 drilling operations at the nickel mine in the Dinagat region of the Philippines and received the final nickel mineral quality analysis report from Intertek, a global testing agency. Additionally, on October 31, it secured shares and exclusive sales rights of EVMDC, a nickel mining company.

In August, JESCO Holdings obtained environmental impact assessment (ECC) approval from the Environmental Management Bureau (EMB) under the Department of Environment and Natural Resources (DENR) of the Philippines, securing commercial mining permits and completing preparations for nickel ore mining and commercial sales. Recently, construction began on a port for nickel ore transportation along the Legazpi River in the Dinagat region, with completion scheduled for February 2025.

Han Sang-min, CEO of JESCO Holdings, explained, "The port construction, which will allow six 3,500-ton barges to dock and load simultaneously, is progressing smoothly. Once completed, the port will enable the transportation of approximately 42,000 tons of nickel ore per day. We plan to start full-scale nickel ore exports in the first quarter of next year and are currently negotiating with related domestic and international companies regarding nickel ore export and distribution."

CEO Han added, "In addition to ore exports, we are also pursuing a smelting business through discussions with Philippine government authorities. We aim to successfully complete the construction of a new type of smelter and achieve meaningful results such as stable sales growth and improved profitability."