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Economy

Surigao nickel mines back in business soon after NPA attack

October 25, 2011 5:53pm

The nickel mines in Surigao del Norte which communist rebels attacked last Oct. 3 have resumed normal operations, Nickel Asia Corp., parent of Taganito Mining Corp. (TMC), said Tuesday.

The mining companies intend to make the next ore shipment “in the first week of November," Nickel Asia said in a statement issued from Tokyo, Japan, citing its president and CEO Gerard H. Brimo.

“Our Taganito team has worked hard to get operations back to normal almost immediately," Brimo said.

Nickel Asia assured its shareholders and investors that “an expenditure program to replace machinery and equipment damaged during the raid at TMC is already in place."

The firm said it will cost P500 million to replace the damaged equipment and structures, which had a booked value of P250 million.

Brimo said Nickel Asia’s revenues in the first nine months of the year jumped by 74 percent to P10.19 billion. The firm sold and shipped out 8.25 million wet metric tons of nickel ore.

Nickel Asia’s board of directors approved a special cash dividend of P0.15 per share payable to holders of common shares on record as of Nov. 11, 2011. — ELR/VS, GMA News




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