CANTILAN, Jun. 17 -- A Filipino mining company is bullish about producing nickel ore for export this year, noting an almost 900-percent increase in the metal's price.
Marcventures Mining and Development Corp. said its nickel project in Cantilan town, Surigao del Sur is expected to produce 800,000 wet metric tons of nickel per year, starting next July.
From $1.70 per pound in 2009, the price of nickel rebounded to an average of $9.05 per pound so far this year, the company said.
Marcventures will explore the possibility of exporting nickel ore to Japan, South Korea, China, India, United States, and some European countries, it said.
The Board of Investments recently approved Marcventures' application for tax breaks, duty free importation, and exemption from local government taxes for locating the project in one of the country's 30 poorest provinces.
The firm is employing open pit mining in its 4,799-hectare service area under the Mineral Production Sharing Agreement with the government.
A base metal, nickel is used in producing stainless steel, super alloys, batteries, coins and magnets, as well as in electroplating. —Nikka Corsino/VS, GMANews.TV