Japanese trading house Mitsui & Co said that it will join a USD 1.3 billion nickel project that Sumitomo Metal Mining Co Limited is developing in Claver, Surigao del Norte, Philippines.
It may be recalled that Sumitomo Metal Mining, Japan's top nickel producer, said in September 2009 that it would start commercial operations at the 30,000 tonne a year Taganito nickel plant in August 2013 with plans to keep it running for 30 years.
Mitsui said that it would take a 15% stake in Taganito HPAL Nickel Corporation, which is developing the project, to help fuel its expansion in the nickel business. Sumitomo Metal Mining will see its stake fall to 62.5% from 100%.
Nickel Asia Corporation, Philippine's leading nickel mining firm, will own 22.5%. Sumitomo has said the project would help it achieve total nickel output of 100,000 tonnes in 2013, up from 65,000 tonnes currently. (reuters)
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Mitsui to take a 15pct stake in Taganito HPAL Nickel Corp
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3 comments:
just hope that whatever royalty or imcome generated from this mining company will be used by the LGU of claver for the improvement of our town not for their own self interest to enrich themselves. Hope they practice good governance, accountability , visibilty and transparency for the good of our town.
i highly supported the first comment, for the betterment of surigaonon, be transparent, be productive, e true, be patriotic, be loyal and please do not corrupt!
Well the truth will come out once their terms is over. who has the biggest house , fanciest car,fat accounts in the banks and all those hidden wealth , money to spend and send children to expensive private schools, vacation to all the nice resorts in the philippines you name it they got it. God does not sleep . ika nga you cant hide the smoke cuase when it gets into your eyes it stings. SO GUYS I RATHER BE POOR WITH HONOR THAT BE RICH IN SHAME.WELL THIS DOES NOT APPLY ANYMORE NOWADAYS , CAUSE CORRUPT POLITICIANS ARE CALLOUS NO MORE SHAME AS LONG AS THEY HAVE MONEY ,money their idol and GOD.THEY DONT CARE.
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