J's Co Holdings Signs MOA with EVM on Philippine Nickel Mine

(Left) Martin, CEO of EV Mining, (Right) Han Sang-min, CEO of J-Sco Holdings. / Photo by J-Sco Holdings

[Asia Economy Reporter Jang Hyowon] J’sco Holdings, a company listed on KOSDAQ, announced that it has signed a comprehensive Memorandum of Agreement (MOA) with EV Mining & Development Corporation (EVM), which holds a 15,000-hectare (approximately 45 million pyeong) mining license in Surigao del Sur, a nickel mining area in southern Philippines, to acquire business rights, equity, and sales rights for nickel ore.

EVM obtained mining rights through a formal contract with the Indigenous Peoples’ Council (NCIP), which received mining development rights from the Philippine government’s Department of Environment and Natural Resources (DENR), and is currently proceeding with the final procedures to acquire mining permits from the Mines and Geosciences Bureau (MGB) for extraction.

The Surigao del Sur mining area hosts multiple nickel mines, including the ‘Taganito’ mine invested by Japan’s Sumitomo and several nickel mines funded by Chinese capital. This region produces 15-20% of the world’s nickel ore, and with Indonesia, the world’s largest nickel producer, banning ore exports, the production and export of nickel ore from the Philippines are gradually increasing.

Nickel is an essential raw material for electric vehicle batteries, and global demand has surged alongside the growth of the electric vehicle market. However, prices have recently soared due to reduced exports from Russia, a major nickel exporter. The Philippine government is actively supporting nickel mine development and ore exports in response to industry trends, facilitating smooth progress in EVM’s mining permit procedures.

The company stated, “After reviewing business feasibility and conducting on-site inspections, we signed this MOA. We plan to thoroughly review the business through accounting and legal due diligence and actively pursue the project.”

This content was produced with the assistance of AI translation services.