Mining firm to invest P492M in Isabela project

ABS-CBN News

Posted at Jun 13 2008 11:25 AM | Updated as of Jun 13 2008 07:25 PM


Platinum Group Metals Corp. (PGMC) is pouring P492 million into its nickel mining project in Isabela province.

The company, which is 64-percent owned by the Atayde group, eyes to produce 736,000 deadweight tons of nickel ore per year from its mine site in Dinapigue. All of its output will be exported.

PGMC will start operations next month, creating about 338 jobs.

PGMC, through wholly-owned subsidiary MCCI Corp., expects to complete its P1.9-billion expansion and rehabilitation program this year.

According to its chairman, Ramon Atayde, the company has started putting up furnaces and kilns in its three integrated ferronickel smelter plants in Manticao in Misamis Oriental, Iligan in Lanao del Norte and Danao City, Cebu.

Aside from Isabela, PGMC also has ongoing nickel ore mining activities in Surigao del Norte.