The Philippines is no China, but investments and credible investor confidence like in this article is how China started. One small investment at a time, one year at a time and pretty soon the Philippines will be well on its way to sustainable development. Let us hope development is done right and not at the expense of ordinary people.
European Nickel invests in two RP projects
LONDON – London-listed European Nickel said on Friday it had invested $48 million in nickel- laterite projects in the Philippines.
In a statement, the firm said it had acquired a 19.3 percent interest in Toledo Mining Corp. and a 18.7 percent direct interest in the Philippines’ Berong Nickel Corp.
“This transaction significantly expands European Nickel’s strategic nickel-laterite interests in the Philippines with two large deposits,” the company said.
European Nickel acquired a total of 5,691,019 shares in Toledo for 11.4 million pounds ($22.2 million). It also bought the interest in Berong Nickel Corp. for $24.4 million from Australia-based Investika.
In addition, the firm acquired an 18.7 percent interest in China Nickel Corporation from Investika. The Caldag project in Turkey remained a near-term priority, Managing Director Simon Purkiss said. There was long-term growth potential of the Philippines, the firm said.
“This acquisition is in line with our strategy to increase our critical mass, whilst further advancing our objective to become a mid-tier, low-cost nickel producer,” Purkiss said.
The firm told Reuters in May that the Caldag project had been delayed by more than 12 months as it awaited a forestry permit.