Sudbury Saturday Night -- Nickel Mining & Nickel Prices Message Board

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Gold/Mining/Energy : Sudbury Saturday Night -- Nickel Mining & Nickel Prices

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From: John McCarthy	3/17/2007 3:39:28 PM
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Australian Mining Firm DMCI Inks Deal For Nickel-Mining Project In The Philippines March 9, 2007 10:40 a.m. EST Komfie Manalo - All Headline News Correspondent Manila, Philippines (AHN) - Australian-based mining firm Rusina Mining NL announced that it has entered into an agreement with Philippine-based DMCI Holdings for initial nickel mining at its Acoje Project in Luzon Island in the Philippines. Under the agreement, Rusina and DMCI would have a profit-sharing and partnering contract for at least five million tons of Acoje's surface laterites that are mined over the next five years. A statement from Rusina said the agreement stipulates that it would share 50 percent of all net profits from the sale of the mined laterites at Acoje with DMCI. Rusina is exploring for nickel sulphides and platinum group metals and currently has active projects in the Philippines and Australia. It is listed on the Australian Stock Exchange. The deal says DMCI would be responsible in financing, mining, grade control, rehabilitation and road and port development, including marketing and sales obligations for the five million metric tons of ore parcel. With the agreement, Rusina said the company may now proceed with its 12-month timetable, as DMCI would be providing the initial cash flow for the operation of the Acoje project. Rusina will not be required to inject capital. Under the terms of the agreement, all infrastructure development to be undertaken by DMCI on the property will be given to Rusina once the contract expires. The contract is on a cost-plus, open-book basis, the company said. The two parties have also agreed first right of refusal terms on a non-Acoje property where Rusina will be the exploration leader and DMCI will take a 60 percent interest to potentially service its long-term access needs to ferronickel as a feedstock for a pig iron smelter to be developed near its Semirara coal mine. allheadlinenews.com

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