MANILA, Philippines - Geograce Resources Philippines and Nihao Mineral Resources International, Inc. are in “advanced talks” with China Shenzhen International Cooperation Co. (CSICC) for a joint venture development of an integrated industrial park in the Philippines.
They did not specify where the industrial park would be located.
CSICC has an existing $5 billion investment in Vietnam for the development of the Danang Economic and Trade Cooperation Zone.
Apart from the joint venture with Geograce and CSICC, Nihao is also in negotiations with majority shareholders of Oriental Vision Mining Philippines Corp. (OVM) for the acquisition of a substantial stake in OVM or in several of OVM’s mineral properties.
OVM operates high-grade mines in Surigao as well as several exploration projects in gold, copper, sulphur, phosphate and coal.
Geograce and Nihao are both listed in the Philippine Stock Exchange as mining firms.
Geograce holds the rights to over 240,000 hectares of claims in nickel, gold, copper and chromite.
It has also partnered with Vale, the world’s second largest mining company for a joint exploration for gold and copper in Masbate Island.
One of Geograce’s directors is former Environment and Natural Resources Secretary Michael Defensor.
Nihao, on the other hand, has rights to explore over 6,800 hectares in Botolan.
It has an existing agreement with Geograce to explore and develop the Botolan tenement.
There is no internet listing or background for CSICC.