Oriental Peninsula eyeing more mines
MANILA, Philippines - Listed company Oriental Peninsula Resources Group Inc. (ORE) is looking to put up more nickel-iron mines over the next 5 years.
"Athough we cannot be specific yet, definitely, in general, Oriental Peninsula will expand into more mining areas," said Caroline Tanchay, the company's president and chairman of the board, in an interview.
Tanchay said that the company also hopes to expand its nickel and iron mining areas. ORE has a 94% stake in Citinickel Mines and Development Corp. (CMDC).
CMDC operates mines in the municipalities of Pulot in Sofronio Espanola and Narra in Palawan. During its first full year of operation in 2011, ORE registered a net income of P467.37 million. The company posted a loss of P6.62 million in 2010.
The company will report a larger net income for 2012, according to Tanchay. The rise is due to the full operations of the two mines. The Toronto mine in Narra started full operations in 2011, and Pulot mine in 2012.
CMDC supplies the Chinese market. The firm provides 0.9% to 1% nickel grade and 1.5% nickel grade. The company also supplies Australian clients with 1.5% nickel grade.
Aside from plans to open new mines, ORE is also looking to open an iron-nickel processing plant. The facility is meant to add value to the company's mine output.
Citinickel holds a 25-year mineral production sharing agreement (MPSA) with the Department of Environment and Natural Resources. The deal covers 2,176 hectares.
The company is conducting exploration activities within its MPSA area, according to Tanchay. She added that only 30% of the area is being utilized.
"We already have the permits for it and we are exploring the remaining 70%," she said. - Rappler.com