MACROASIA CORP.’S wholly owned subsidiary MacroAsia Mining Corp. (MMC) can now proceed with the event and operation of its Infanta Nickel Project in Brooke’s Point, Palawan, following regulatory clearance from the Mines and Geosciences Bureau (MGB) of the Department of Environment and Natural Resources (DENR).
In a disclosure to the Philippine Stock Exchange on Wednesday, the Tan-led company said the approval authorizes MMC and its operator, Calmia Nickel, Inc. (CNI), to maneuver forward with the project, subject to compliance with conditions set by the MGB.
The Infanta Nickel Project, covered by Mineral Production Sharing Agreement (MPSA) No. 220-2005-IVB, involves the extraction and industrial disposition of nickel and other associated mineral deposits inside a 1,113.98-hectare area in Brooke’s Point, Palawan, with an annual extraction rate of 1,000,000 metric tons.
An Environmental Compliance Certificate for the project was issued in December 2023 after the DENR-Mimaropa certified that the MPSA area lies outside the Mt. Mantalingahan Protected Landscape.
In keeping with an environmental impact statement prepared by Prism Express Consulting, Inc. and posted on the Environmental Management Bureau website, the project is anticipated to create 57 regular jobs, with total employment reaching as much as 1,000 once contractual laborers and third-party service providers are included.
The estimated project cost is around P646 million ($12.9 million).
In July 2021, MMC signed a memorandum of agreement with CNI for the exploration and eventual mining operations of the Infanta Nickel Project, the corporate said in an earlier disclosure.
On the Philippine Stock Exchange on Wednesday, MacroAsia shares rose by 2%, or nine centavos, to shut at P4.59 apiece. — Vonn Andrei E. Villamiel