November 14, 2017

President Duterte and Russia Prime Minister Medvedev witness signing of agreement between FNI and Vi Holding

Manila, Philippines/ November 13, 2017. Philippine President Rodrigo Roa Duterte and Russian Federation Prime Minister Dmitry Medveded witnessed today the signing of an agreement between Global Ferronickel Holdings, Inc. (FNI) and Vi Holding LLC, a member of an international investment and industrial group of companies from Russia with interests in mineral exploration and processing, real estate, energy and in innovative solutions, for the implementation of joint business projects in the processing of lateritic ores. The parties signed the agreement alongside Philippines and Russia bilateral meetings in the framework of the 31st ASEAN Summit and Related Summits being hosted by the Philippines this year.

The Memorandum of Cooperation and Partnership was signed by Joseph C. Sy, Chairman of FNI; and by Mr. Valery N. Krasnov, Chairman of the Board of Vi Holding LLC. The agreement also seeks to enhance mutually beneficial business cooperation between the two countries, especially in the areas of mining, metallurgy and energy.

FNI hopes to take advantage of Vi Holding LLC’s patented technology of processing nickel-bearing ore that requires significantly lower capital investment coupled with lower production costs. This technology makes it possible to quickly and efficiently build mining and metallurgical complexes comprising independent coal-fired power supply facilities. The two Companies are now in the process of forming a Joint Working Group to undertake initial testing of ore samples and conduct feasibility studies.

“We are one with the government in pushing for industrialization of the mining industry,” said Joseph C. Sy, Chairman of FNI. “Going into value added processing has long been part of our business objectives and we are very excited at the prospects this new technology brings.”

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