Nickel Asia bags mining rights in 2 Davao Oriental properties

Zamora-led Nickel Asia Corp. has secured the exclusive rights to be the mining service contractor for two sites in Davao Oriental.

In a disclosure to the Philippine Stock Exchange, Nickel Asia said Hallmark Mining Corp. and Austral-Asia Link Mining Corp. have accepted its letter of intent (LOI) for the company or its wholly-owned subsidiary to be the sole and exclusive mining service contractor for sites that have already been issued Mineral Production Sharing Agreements (MPSA).

These include Hallmark’s MPSA covering 4,999.71 hectares located in Mati and San Isidro, and Austral-Asia’s MPSA spanning 5,000 hectares in Mati and Gov. Generoso, Davao Oriental.

Nickel Asia said the commitments under the LOI are subject to the conduct of due diligence and exploration activities as well as the execution of definitive agreements among the parties.

The LOI also allows the conduct of a feasibility study to determine the economic and technical viability for the company to establish a high pressure acid leach or equivalent mineral processing plant within the MPSA area.

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