In 2016 we:
- Renewed our Mineral Production Sharing Agreement (MPSA) for our Cagdianao mine. It is now valid for another 25 years, giving us the exclusive right to conduct mining operations in the area until February 14, 2042.
- Acquired the right to explore an additional 843-hectare land that is adjacent to our existing mine. This acquisition presents an opportunity to enhance our nickel ore resources without requiring significant expenditures for mine infrastructure development.
- Revisited every single contract with our mining contractors and brought down our costs and expenses to a more realistic level. Our main mining costs –which are contract hire and barging charges were reduced by 30% per WMT from 2015.
- Instituted measures for moisture management, optimized the analysis of mineral samples as well as mine planning and exploration, and moved barging operations back in-house.
- Secured ISO 14001:2015 certification for Environmental Management System and won Presidential Mineral Industry Environmental Awards (PMIEA) in recognition of exemplary practices in safety and health; environmental protection and rehabilitation; and community and social development and management.
For 2017, our strategic priorities are:
- Pursue our Palawan mine project;
- Develop and upgrade existing resources and reserves within Cagdianao deposit areas;
- Evaluate and selectively pursue value-added opportunities such as acquiring or entering into mining agreements or joint ventures, as well as downstream processing / vertical integration; and
- Diversify into other minerals and metals.