Oriental Peninsula to deliver first nickel shipment in Dec


Posted at Oct 26 2010 05:57 PM | Updated as of Oct 27 2010 01:57 AM

MANILA, Philippines - Listed Oriental Peninsula Resources Group Inc. (ORE) said its mining unit would deliver its first shipment of high-grade nickel ore to Japan and Australia by December.

In a statement, ORE said its subsidiary, Citinickel Mines and Development Corp., has been stockpiling nickel ore in its Southern Palawan mine site and expects to be ready with 3 shiploads of saprolite by year-end.

The company will deliver 150,000 metric tons of high-grade nickel ore, with average grade of 2.1% or higher.

"If not for the heavy rains in Palawan, Citinickel could have produced more. However, I'm glad we can finally ship out high grade nickel ore which is good news for our shareholders," said ORE chairman and president Caroline Tanchay.

Tanchay said Citinickel has been operating since August following a compromise settlement that ended a long dispute with Platinum Group Metals Corp. (PGMC) over mining rights in Palawan.

The 2 mining companies were in a legal battle for rights to operate 1,408 hectares in Española town and 768 hectares in Narra, Palawan that are covered by a 25-year Mineral Production Sharing Agreement granted in 2007.