FNI partners with Russian firm to develop lateritic ores
Global Ferronickel Holdings has inked an agreement with Vi Holdings LLC to jointly process lateritic ores using the Russian firm’s ’ technology.
The agreement seeks to enhance mutually beneficial business cooperation between the Philippines and Russia, especially in the areas of mining, metallurgy and energy.
FNI hopes to take advantage of Vi Holding’s patented technology of processing nickel-bearing ore that requires significantly lower capital investment coupled with lower production costs. This technology makes it possible to quickly and efficiently build mining and metallurgical complexes comprising independent coal-fired power supply facilities.
Both companies are now in the process of forming a joint working group to undertake initial testing of ore samples and conduct feasibility studies.
“We are one with the government in pushing for industrialization of the mining industry,” said FNI chairman Joseph C. Sy.
“Going into value added processing has long been part of our business objectives and we are very excited at the prospects this new technology brings,” he added.
FNI is the second largest nickel producer in the Philippines and the largest single lateritic mine exporter in the world while Vi Holding is a member of an international investment and industrial group of companies from Russia with interests in mineral exploration and processing, real estate, energy and in innovative solutions.