Nickel miner allots $170m


Nickel miner Global Ferronickel Holdings Inc. said it will spend $170 million this year to finance acquisition and exploration projects.

Global Ferronickel executive vice president Dante Bravo said in an interview funding for the 2015 capital expenditures would come from the planned follow-on offering that could raise as much as P31 billion in proceeds.

Bravo said the company was in the process of acquiring two mines, including one in Zambales and another in Palawan to boost mining operations.

Global Ferronickel will acquire the 100-percent interest in Southeast Palawan, which owns a 90-percent stake in Ipilan Nickel Corp., a firm engaged in nickel mining in Brookes Point, Palawan.

It will also purchase 100 percent of Ferrochrome Resources Inc., a company that holds two operating agreements with Zambales Diversified Metals Corp. and Zambales Chromite Mining Co. Inc.

The company is currently the third largest nickel producer in the country and operates two open pit deposit sites known as Caga 2 and Caga 4 within the lateritic nickel mine in Cagdianao, Claver, Surigao del Norte.

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