Geograce Resources acquires mine rights of Garnierite Miningadmin
Geograce Resources Philippines Inc said its nickel assets will increase following its recent signing of a memorandum of agreement with Garnierite Mining Inc to acquire 100 percent of the issued and outstanding capital stock of the latter’s nickel mine rights in Palawan.
Geograce told the stock exchange it has offered Garnierite a share-for-share or property-for-share swap agreement for Garnierite’s nickel mine deposits and properties straddling more than 6,726 hectares in Palawan.
Previously, Geograce offered the same deal in getting Saprolite Mining Inc’s nickel-chromite and nickel-cobalt mine deposits and properties in Zambales, north of Manila.
Geograce said its recent acquisitions are part of its long-term plan to build up its nickel assets in the country and take advantage of rising nickel prices.
($1 = P48.68)