Philnico upbeat on Nonoc mine rehab

Philnico Industrial Corp. yesterday expressed optimism that the National Government’s mediation efforts with the Jinchuan International Group would eventually result in a viable arrangement for the rehabilitation and redevelopment of the mothballed Nonoc nickel mine and refinery.

Philnico president Evaristo M. Narvaez Jr. yesterday clarified news reports which gave the impression that negotiations with Jinchuan had collapsed.

Narvaez said Philnico is still trying to clarify the stance of Jinchuan with respect to the latter’s intent in commissioning a new bankable feasibility study prior to resuming negotiations for a joint venture.

"While a new feasibility study will further delay the Nonoc project, we are confident of the sincerity of the Chinese investors and their seriousness in pursuing a deal," he said.

Narvaez said that Philnico also welcomes the National Government’s support to fast track and conclude negotiations at the soonest possible time so that all stakeholders in the Nonoc nickel project would be able to take advantage of current record prices for nickel.

He added that Philnico, Jinchuan and the National Government are striving to arrive at terms that are equitable to all parties – a win-win deal that would enable all stakeholders to realize maximum value for their respective investments.