GLOBAL FERRONICKEL Holdings, Inc. on Tuesday reported its proven and probable ore reserves in its Cagdianao mine in Claver, Surigao del Norte have increased by 21%.
In a statement, Global Ferronickel said the probable ore reserves at the Cagdianao mining site rose 21% to 43.8 million wet metric tons (WMT) as of Oct. 20, 2018, from the 36.3 million WMT recorded on June 23, 2017.
The listed miner said the ore reserves estimate was confirmed by the results of the economic assessment conducted in accordance with the Philippine Mineral Reporting Code (PMRC). The PMRC sets the minimum standards and guidelines for the reporting of exploration results, mineral resources and ore reserves in the country.
“We are delighted to report that despite active mine operations following the June 23, 2017 ore reserves update, the combined mineral reserves of our Cagdianao site even significantly increased to-date,” Global Ferronickel President Dante R. Bravo was quoted as saying.
In a separate mobile message, Mr. Bravo said the company will see an “increase in profit in the coming years due to the additional reserves.” — Reicelene Joy N. Ignacio
