Century Peak unit gets foreign partner for nickel, chromite processing

ABS-CBN News

Posted at Dec 14 2009 05:49 PM | Updated as of Dec 15 2009 02:08 AM

MANILA, Philippines - A subsidiary of publicly listed Century Peak Metal Holdings Corp. (CPMHC) will tie up with a foreign company to process ore from its Casiguran nickel project in southern Philippines.

Century Peak Corp. has received board authorization to execute a memorandum of agreement with Fuju Com Resources Inc., a company incorporated in the Republic of Seychelles, CPMHC told regulators in a disclosure on Monday.

The two are to cooperate in processing nickel and chromite ore extracted at Dinagat province, which used to be a part of Surigao del Norte.

Under the deal, Fuju Com will provide the investments to build processing facilities for nickel and chromite ore, while Century Peak will be in charge of marketing and selling.

Century Peak is the second company to list by way of introduction in the Philippine Stock Exchange this year.

State-run Philippine Mining Development Corp. recently tapped the company as its operating partner for the 4,795-hectare Pinamungahan limestone property in Cebu.