Nickel processing facility in Palawan opened

President Arroyo yesterday officially opened a $180-million Japanese-Filipino nickel processing facility on the western island of Palawan, Malacañang said.

Coral Bay Nickel Corp. will generate about 1,200 jobs and extend the life of a nearby Palawan nickel mine, the President said in comments at the launch.

The company is a joint venture among Sumitomo Metal Mining Co., Mitsui and Co. and Sojitz Corp. of Japan and local outfit Rio Tuba Nickel Mining Corp., which operates the mine.

Coral Bay said in a statement that it would generate $100 million-worth of foreign exchange annually.

Mrs. Arroyo said that aside from generating revenue and employment, the metal processing facility was noteworthy because "it will now process the (mine) tailings or waste materials... as well as cleaning up the environment." - AFP