Global Ferronickel Holdings Inc. (FNI) announced its proven and probable ore reserves in the Cagdianao nickel expansion project in Surigao del Norte increased by 37 percent.
The company said as of Oct. 15, 2002, its mine reserves stood at 59.45 million wet metric tons (WMT) , 1.14 percent nickel and 30.50 percent iron compared to the previous 43.3 million WMT.
FNI added based on an annual production of 6 million WMT of ore, the project’s estimated mine life is now approximately 10 years.
“Continuous exploration is being conducted, especially in Cagdianao area (CAGA) 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. We are also looking at developing CAGA 5 into a biodiversity conservation area,” said Dante Bravo, FNI president.
Bravo said at present, all of the company’s marketable ores are shipped to China while higher-grade ore can also be shipped to Japan when needed.
FNI is constructing a $50-million rebar steel rolling plant in Bataan which will start commercial operations in 2022 and will have an annual output of 600,000 tons of steel bar.
FNI is the country’s second-largest nickel ore producer. -J. Macapagal