Citinickel earmarks P130M for shipments, mine rehab

Citinickel Mines and Development Corp. (Citinickel) on Monday said it has earmarked some P130 million to fund the shipment of existing stockpiles and finance the rehabilitation of its mine area, following the end of its mineral production sharing agreements (MPSA) with the government.

In a filing on the stock exchange by parent Oriental Peninsula Resources Group Inc. (ORE), Citinickel said its board on Monday approved an allocation of P1 million for every shipment of its existing stockpile.

"(T)he said funds shall be allocated for purposes of mine rehabilitation and transition of the mine area after the conclusion of the mine operation under the MPSA of Citinickel to a self-sustaining community-based enterprise economy," it said.

"The Board of Directors of Citinickel further approved to obtain a performance bond from a reputable insurance company security and that a total of P130 million shall have been appropriated for the above-mentioned purpose in compliance with the DENR directive," it said.

ORE is currently focused on sole subsidiary Citinickel, which is in the business of mineral exploration and related acquisitions, leasing and mineral lands operation for chromite, copper, manganese, magnesite, silver, gold and other mineral products.

Citinickel is the sole claim owner of the Pulot Mine and the Toronto Mine in the municipalities of Sofronio Española and Narra in Palawan Province. — Jon Viktor Cabuenas/VDS, GMA News