Global Ferronickel Holdings, Inc. (FNI), formerly Southeast Asia Cement Holdings, Inc. (CMT), is a holding company established on May 3, 1994. As a holding company, CMT held 1,548,614,753 common shares of industrial material manufacturer Lafarge Republic, Inc., which was subsequently sold in separate transactions in 2013. The Securities and Exchange Commission approved the Company’s change in name to the present one on December 22, 2014.
On June 7, 2013, the Company’s shareholders, Calumboyan Holdings, Inc. (CHI), Lafarge Holdings (Philippines), Inc. (LHPI) and Seacem Silos, Inc. (SSI) signed a sale and purchase agreement with IHoldings, Inc., Januarius Resources Realty Corp., and Kwantlen Development Corp. (collectively IHoldings Group) for the sale of CHIs, LHPI’s and SSI’s respective shares of stock representing 89.87% of the Company to the IHoldings Group. CHI, LHPI and SSI further sold all of their shareholdings within the same month, causing IHoldings Group to become the new principal shareholder of CMT. In July 2014, the IHoldings Group sold its entire stake in FNI to several companies and stockholders, which intend to inject their nickel mining operations into the Company.
On November 27, 2014, the Board of FNI approved the purchase of 126.50 common shares or 100% of Ferrochrome Resources, Inc. (FRI); and 500,000 common shares and 6.25 billion preferred shares or 100% of Southeast Palawan Nickel Ventures, Inc. (SPNVI). FRI has two existing operating agreements in Zambales covering a total of 4,305 hectarers to explore, develop and utilize surface and underground chromite and other platinum group metals mineralization. SPNVI meanwhile has one operating agreement covering an area of about 2,835 hectares with nickel ore deposits.
Source: SEC Form 17-A (2013)/Circ. Nos. 3737/4865/6233/6268/6269-2014/0049-2015
PGMC was incorporated to develop nickel ore deposits and smelting plants in the Philippines
FNI (formerly known as Southeast Asia Cement Holdings, Inc.) was listed on the PSE
SIRC was incorporated as a joint venture between QNI and CTP Construction and Mining Corporation (“CTPCMC”) to operate the Cagdianao and Adlay tenements. Both tenements were assigned to SIRC under royalty arrangements from Case Mining and Development Corporation (“CMDC”) and CTPCMC
PGMC acquired 40% of SIRC from QNI and signed an operating agreement to operate Cagdianao tenement
PGMC commenced mining operations at Cagdianao mine and made its first commercial shipment in November
Annual ore production and shipment volume from the Cagdianao mine exceeded 1 million WMT
PGMC acquired the remaining 60% stake in SIRC from CTPCMC
Annual ore production and shipment volume from Cagdianao mine exceeded 5 million WMT
CNEP, a barging company, was incorporated to own and operate barges at the mine site
FNI executed a deed of exchange for a share swap with shareholders of PGMC. FNI issued shares in exchange for 99.85% outstanding shares of PGMC
FNI entered into a memorandum of agreement to purchase 100% of Southeast Palawan Nickel Ventures Inc. (“SPNVI”)
FNI executed the acquisition of 100% interest of SPNVI (which owns 2,835 hectares)
FNI secures ISO certfication for Surigao mining operations
FNI obtained an exploration permit covering 927 hectares in the land next to the Cagdianao mine
FNI received a 25 year extension for its operating permit at the Surigao mines
Global Ferronickel Holdings, Inc. (FNI) is a holding company which formed through the instillation in Platinum Group Metals Corporation (PGMC). FNI which was formerly Southeast Asia Cement Holdings, Inc. (SEACEM) is the third largest nickel producer in the Philippines by volume of nickel shipped, and one of the largest global suppliers of nickel ore exports in 2013, according to CRU Consulting.
FNI was established on May 3, 1994. As a holding company, FNI held 1,548,614,753 common shares. It was formed through the injection of PGMC into PSE-listed Southeast Asia Cement Holdings Inc, and was renamed as Global Ferronickel Holdings Inc.. FNI current operation known as the Cagdianao mine (“CAGA”) in Northern Mindanao. Our deposits sites (CAGA 2 and CAGA 4) extracted 99.6% sellable with only 0.4% wastage ratio.
In 2007, FNI delivered an aggregate of over27.7 million WMT of nickel ore to customers such as China and Australia.
In 2014, CAGA shipped 6.3 million tonnes of nickel ore from two mines areas (CAGA 2 and CAGA 4), containing c.80k tonnes of nickel.
We currently have the mining rights to one mine, located in Mindanao, in the southern half of the Philippines and we intend to complete the acquisition of shares in INC and FRI in 2015. Each of INC and FRI have been granted rights to operate the INC Mine and FRI Mine, respectively, by virtue of the operating agreements over these mines.
Southeastern Philippines, where our Cagdianao mine is situated, is in the tropical zone between 4° 40’ and 21° 10’ latitude. The climate is characterized by high rainfall during the rainy season that generally runs from November to April.
Our mining operations at Cagdianao generally run from April to October of each year; in the off-season, we perform rehabilitation work on our mining facilities and equipment. Upon the completion of the acquisition of the New Mines, which are located in different regions of the Philippines and consequently have different mining seasons, we believe we can focus mining operations at different sites and minimize production downtime throughout the year.