Global Ferronickel Holdings, Inc. (FNI) on Thursday announced the proven and probable ore reserves estimate as of October 15, 2019 for the Platinum Group Metals Corporation Cagdianao Nickel Expansion Project at 43.3 million wet metric tons (WMT).
The result is lower by one percent or half a million WMT as against the previous year, despite active mine extraction which yielded 5.89 million WMT of shipped nickel ore in 2019.
The ore estimate is based on five out of seven deposit areas of the Cagdianao nickel expansion project.
We are planning to conduct further exploration work within the next few years to extend the life of the mine beyond its projected eight years (of) mine life, FNI President Dante Bravo said in a statement.
We are also studying other potential resource commodities, such as limestone and chromite, he added.
To ensure the optimal utilization of its ore reserves, the mining firm is planning for the early extraction of its low-grade ore deposits that are located farther than CAGA-2 and CAGA-4 to take advantage of the upward trend in nickel ore prices.
This estimate is proven to be viable based on the results of the economic assessment done in consonance with the Philippine Mineral Reporting Code (PMRC).
PMRC sets out the minimum standards, recommendations, and guidelines for public reporting in the Philippines of Exploration Results, Mineral Resources, and Ore Reserves.
Source: Philippines News Agency