ORE to triple nickel production
MANILA, Philippines - Publicly-listed Oriental Peninsula Resources Group Inc. (ORE) will triple production of its nickel mining unit this year as tight supply in the region has upped demand for this prized metal.
Caroline Tanchay, chairman and president of Oriental Peninsula, said Ore’s subsidiary Citinickel Mines and Development Corp. would raise production from its Palawan nickel ore mine sites from one million last year to three million tons this year.
Tanchay said ORE wants to take advantage of rising demand for nickel ore in China, Australia and Japan and improved prices of low-grade nickel ore.
She said ORE has no plans to raise capital either through borrowings or issuance of shares.
“I wouldn’t want to dilute our shares. We want to keep our shareholders happy,” said Tanchay who has been credited for keeping production expenses stable despite rising oil cost.
Tanchay added that ORE plans to establish a ferro-nickel processing plant.
She supports the government’s thrust of encouraging more exports of processed metals.
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