Glencore International AG is hoping to step into a joint venture in Hong Kong with local mining firms NiHAO Mineral Resources International Inc. and AGP Industrial Corporation. The $2 million project was disclosed to the Phillippine Stock Exhcnage by NiHAO.
The Swiss commodities giant said that NiHAO and AGP will use their expertise in mining, contracting and developing of mines in the Philippines and their knowledge of relevant local Philippine laws, rules and regulations and issues.
Glencore will be involved as the exclusive marketing agent for the firm’s sale of all materials it produces. The joint venture company is also likely to head into other Asian countries like Indonesia in mining projects. They have currently executed a Heads of Agreement to engage in the acquisition, exploration and development of mining claims of economically feasible nickel deposits in the Philippines.
NiHAO chief operating officer, Jose Francisco Miranda said that this partnership presented a great opportunity for both parties and I believe that this can be the start of something. It can pave the way for further partnerships between Philippines companies and global players to jointly grow the mining industry.
Arsenio C. Cabrera Jr., corporate information officer of NiHAO, said Glencore will utilize its vast global networks, access to capital and expertise in integrated mining-processing operations, while NiHAO and AGP will provide their expertise in mining, contracting, and developing mines in the Philippines and their knowledge of the country’s laws, rules, regulations and issues.