Global Ferronickel Holdings Inc. (FNI) said its subsidiary Platinum Group Metals Corporation’s (PGMC) proven and probable ore reserves at its Cagdianao nickel mine increased by more than a third to 59.45 million wet metric tons (WMT).
This is higher than the 43.3 million WMT reported in October 2019.
Based on an annual production of six million WMT of ore, the Cagdianao nickel expansion project’s estimated mine life is approximately 10 years.
“Continuous exploration is being conducted, especially in CAGA [Cagdianao Area Deposit] 2, CAGA 3 and CAGA 4, to extend the mine life further and to search for other potential resource commodities such as limestone and chromite,” said Dante R. Bravo, president of FNI.
“We are also looking at developing CAGA 5 into a biodiversity conservation area,” he said.
At present, the marketable ores are all shipped to buyers in China. The higher-grade ore will also be shipped to Japan when the need arises.