Chinese mining firm studying nickel site in Palawan

Macroasia Corp., a holding firm owned by business tycoon Lucio Tan, said on Monday that China's largest nickel and cobalt mining company has started due diligence studies on the investment company's mine site in the island-province of Palawan. In a disclosure to the Philippine Stock Exchange, Macroasia said that Jinchuan Group Ltd. of China has fielded mining experts to survey a 1,114-hectare nickel mine site in Brookes Point, Palawan. "Composed of geologists and mining engineers, the four-man team from Jinchuan will stay in Brookes Point for two months before reporting back to their headquarters," Macroasia said in the disclosure. Macroasia has a mineral production sharing agreement from the Mines and Geosciences Bureau, which gives it a 25-year exclusive license to commercially explore and develop the land for nickel, chromite, iron and other mineral deposits. The holding firm also said that it officials are in China observing Jinchuan's nickel mining operations. The holding firm said that the due diligence was an offshoot of talks between Tan and Jinchuan chairman Li Yong-Jun as part of President Gloria Macapagal Arroyo's state visit to China in November 2006. Macroasia said during that meeting, it discussed with Jinchuan the possibility of a joint venture. -Patricia De Leon, GMANews.TV