MANILA, Philippines - Century Peak Metals Holdings Corp. (CPMHC), through unit Century Peak Corp. (CPC), is in talks with Fuju Com Resources Inc. for the processing of nickel and chromite ore extracted at its mine site in the Dinagat Islands.
Fuju Resources is based in the Republic of Seychelles, an archipelago nation of 115 islands in the Indian Ocean, 1,500 kilometers east of mainland Africa and northeast of the island of Madagascar.
Under the proposed memorandum of agreement, Fuju Resources shall provide the investments required for the facilities to process the nickel and chromite ore extracted from the mineral property, which shall then be marketed and sold by CPC.
CPMHC owns 100 percent of CPC, which holds a mineral production sharing agreement in Loreto in the Dinagat Islands, and holds an existing exploration permit over a 3,188-hectare property in Albor, Dinagat.
CPMHC is aiming to become a major player in the local mining industry through a vertically integrated mining operation with its smelting operations and a diversified mineral resource base through the acquisition of additional mining tenements with potential for other mineral deposits aside from nickel.
It owns 55 percent of Century Hua Guang Smelting Inc., which plans to build and operate a nickel pig iron smelting plant with an annual capacity of 100,000 metric tons in Leyte Industrial Development Estate (LIDE) in Isabel, Leyte under the Philippine Economic Zone Authority (PEZA).
CPMHC may spend up to P10 billion to build and operate a nickel-chromite smelting plant in its mineral property. Funding will come from internally-generated funds and contributions from joint venture partner Zheijiang Hua Gang, a privately-held Chinese corporation and one of the largest nickel pig iron producers in China.
CPC is undertaking numerous projects to expand the versatility of other mineral extracts such as chromite and irons either through joint ventures or operating agreements with other tenement holders.
Aggregately, CPC’s total area for proposed mining operation is 10,182 hectares, consisting of 4,386 hectares for extraction, development and further exploration, 660 hectares for drilling and exploration and 5,136 hectares awaiting exploration permits, respectively.
UK-based fund management firm Global Emerging Markets Ltd. is investing P2 billion in CPMHC.