GFNi inks agreement with Russian firm

GLOBAL FERRONICKEL Holdings, Inc. (GFNi) has inked an agreement with Russian firm Vi Holding LLC, whose expertise involves low-cost mineral processing.

In a statement, the country’s second-largest nickel producer said the memorandum of cooperation and partnership was signed by its Chairman Joseph C. Sy and Vi Holding Chairman Valery N. Krasnov. President Rodrigo R. Duterte and Russian Federation Prime Minister Dmitry Medveded witnessed the signing during the Philippines and Russia bilateral meetings in Manila.

The agreement aims to “enhance mutually beneficial business cooperation between the two countries, especially in the areas of mining, metallurgy and energy,” GFNi said.

GFNi is looking to tap Vi Holding’s patented technology of processing nickel-bearing ore that requires lower capital investments and involves lower production costs.

“This technology makes it possible to quickly and efficiently build mining and metallurgical complexes comprising independent coal-fired power supply facilities. The two companies are now in the process of forming a joint working group to undertake initial testing of ore samples and conduct feasibility studies,” the company said.

Mr. Sy said the company supports the government’s push for industrialization of the mining industry. “Going into value-added processing has long been part of our business objectives and we are very excited at the prospects this new technology brings,” he said.

The nickel miner has recently concluded its full-year shipment of 5.970 million wet metric tons (WMT) or 109 vessels of nickel ore in 2017, which was above the 4.309 million WMT exported a year ago. — Janina C. Lim