December 09, 2016 6:17 PM ET

Metals and Mining

Company Overview of Ipilan Nickel Corporation

Company Overview

Ipilan Nickel Corporation engages in exploration and production of nickel. The company was incorporated in 2005 and is based in the Philippines. Ipilan Nickel Corporation operates as a subsidiary of Toledo Mining Corp.

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Philippines

Founded in 2005

Key Executives for Ipilan Nickel Corporation

Ipilan Nickel Corporation does not have any Key Executives recorded.

Ipilan Nickel Corporation Key Developments

Ipilan Nickel Corporation Enters into Loan Agreement

Ipilan Nickel Corporation has entered into a Loan Agreement with Baiyin International Investment Ltd. for the aggregate amount of USD 20 million. The loan, which is covered by FNI's corporate guarantee, is intended to fund Inc.'s capital expenditures and working capital. The execution of the loan follows the Memorandum of Cooperation signed by FNI and Baiyin earlier.

Ipilan Nickel Corporation Announces to Operate with Grant by the Mines and Geosciences Bureau of its Partial Declaration of Mine Project

Ipilan Nickel Corporation (INC), an affiliate of Global Ferronickel Holdings Inc. is now ready to operate with the granting by the Mines and Geosciences Bureau of its Partial Declaration of Mine Project Feasibility covering 343.3 hectare parcel of Mineral Production Sharing Agreement (MPSA) No. 017-93-IV. The remaining area of more than 2,000 hectares shall be subject to further exploration. INC is expected to start the development of the property and have trial shipments by the fourth quarter of 2016. The approved annual production rate is at 1.0 million Dry Metric Ton (DMT) or 1.538 million Wet Metric Ton (WMT). According to the Philippine Mineral Reporting Code (PMRC)-Competent Person's Technical Report the explored portion of the property has proven and probable ore reserves of 28.6 million WMT at 1.43% Ni and 24.01% Fe from a measured and indicated mineral resource of 50.0 million DMT at 1.23% Ni and 24.0% Fe. From the report further exploration is recommended towards the unexplored region in the North to expand the ore reserves and to extend the mine life beyond 12 years. Also included is the recommendation to increase mine production capacity to 3.0 million WMT within 2 years as part of the 2015 Pre-Feasibility Study. The company plans to pursue the expansion as recommended and the exploration work in order to maximize the under explored property. The company has the option to maximize production depending on market conditions and to further increase capacity pending the results of exploration and approval of permits.

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