Samar Nickel Mining Resources Corporation, a wholly-owned subsidiary of Nickel Asia Corporation, entered into an Operating Agreement with San Juanico Resources Corp. to operate the latter’s mineral claim holdings in Zambales.
In a disclosure to the Philippine Stock Exchange, Samar Nickel will operate San Juanico’s mineral claim holdings under Mineral Production Sharing Agreement (MPSA) No. 265-2008-III covering an aggregate area of approximately 3,432.0731 hectares located in the municipalities of Candelaria and Sta. Cruz, Province of Zambales.
The said Operating Agreement shall be submitted with the Mines and Geosciences Bureau (“MGB”) and will become effective upon approval of the MGB. The areas covered are believed to contain nickel ore and other associated minerals that can be extracted under the MPSA.
San Juanico’s MPSA contract covers areas primarily for nickel and chromite in Zambales. Other active nickel mining companies located in the same mining-heavy areas of Santa Cruz and Candelaria, Zambales include Zambales Diversified Metals Corp (ZDMC), Eramen Minerals, Inc. (EMI), and LNL Archipelago Minerals Inc.
Nickel Asia Corporation (NAC), the Philippines’ largest producer of lateritic nickel ore and one of the largest in the world.
