by Jang Hyowon
Published 01 Aug.2024 11:18(KST)
JSCO Holdings announced on the 1st that its partner company for the Philippine Dinagat mining project, EV Mining & Development (hereinafter EVMDC), has applied for the Environmental Compliance Certificate (ECC), the final administrative step for commercial mining, and recently received final approval from the Environmental Management Bureau (EMB) under the Philippine Department of Environment and Natural Resources (DENR), with publication in the official gazette imminent.
JSCO Holdings explained, "By obtaining this permit from the Philippine Environmental Bureau, we have become the first domestic company to commercially mine and sell nickel ore from the Dinagat mine in the Philippines."
The Dinagat mine project promoted by JSCO Holdings has long been owned by the Philippine state-owned enterprise PMDC (Philippine Mining Development Corporation), which has been weighing the timing of its development. PMDC is an agency under the Philippine DENR, similar in nature to Korea Mine Reclamation Corporation in South Korea, and either develops the mines (sites) it owns directly or entrusts development and operation to private companies. In the case of the Dinagat mine, the development rights were granted to a private company, and EVMDC obtained the status of a private partner from PMDC.
The Dinagat mine is designated by PMDC as a Joint Operating Agreement (JOA) area, allowing additional drilling without the need for existing mining rights procedures or permits. Based on the Assay Laboratory Analysis Report and drilling report submitted to the Philippine Mines and Geosciences Bureau (MGB), the nickel content analysis, reserves, and development plan can be submitted, and upon approval, nickel ore exploration can commence immediately.
According to JSCO Holdings, developing a mine owned by PMDC is advantageous because it is difficult to obtain mining rights. As explained earlier, since the mine is owned by a state-owned enterprise, the biggest advantage is that there is no need to acquire exploration permits (EP) or Mineral Production Sharing Agreements (MPSA), which are required in other mining development procedures. Only the Environmental Compliance Certificate (ECC) from the Philippine Environmental Bureau is required, and JSCO Holdings has now completed this final administrative procedure and all necessary permits.
JSCO Holdings stated that the construction of all necessary infrastructure for nickel ore mining and transportation?including roads, stockyards, docks, employee accommodations, and offices?is progressing day and night, and the primary preparations for mining are nearing completion. Additionally, they are negotiating contracts with Chinese companies related to nickel ore sales, with a high possibility of contract signing next month.
Han Sang-min, CEO of JSCO Holdings, said, "The Philippine nickel mine project, which has been underway since 2022, is finally approaching a stage of fruition. Our company, which has been engaged solely in steelmaking for 60 years, has experienced some trial and error and many misunderstandings in pursuing overseas resource development and the nickel mining business. However, we will become the first domestic company to show tangible results in mining and exporting by investing in an overseas nickel mine this August, and we sincerely thank all shareholders who have trusted and supported JSCO Holdings until the end."
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