$150M in mining deals inked in China

President Gloria Macapagal-Arroyo witnessed the signing Thursday of a cooperation agreement between two Philippine companies headed by her former chief of staff, Michael Defensor, and a Chinese company to explore for nickel and put up a $150-million nickel processing plant in the Philippines.

The memorandum of understanding was signed between the publicly listed Nihao Mineral Resources International and Geograce Philippines, chaired by Defensor, and China¡¯s Jiangxi Rare Earth and Rare Metals Tungsten Group Co. based in Chengdu, Sichuan province.

President Arroyo, who arrived in Chengdu early Thursday, is in China to attend the opening ceremonies of the Olympic Games in Beijing. She arrived here Thursday night.

In a disclosure to the Philippine Stock Exchange on Thursday, Nihao said it had signed the agreement with Jiangxi, one of China¡¯s major non-ferrous metals producers, to explore and develop mining holdings in Zambales province, northwest of Manila.

Under the agreement, the three companies will form a strategic partnership to explore and develop jointly the mining holdings totaling 35,496.6 hectares of land that are directly or indirectly held by Nihao and Geograce.

The agreement also provides for other arrangements, including establishment of a joint venture processing plant for nickel and cobalt in the Philippines.

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