Photo credit: Department of Transportation Several big-ticket infrastructure projects in the transportation sector have been approved or are already being implemented by the administration of President Ferdinand R. Marcos Jr., the Department of Transportation (DOTr) reported Monday. In a statement, the DOTr said the Cebu Bus Rapid Transit Project, Davao Public Transport Modernization Project, EDSA Greenways, the Light Rail Transit Line 2 (LRT-2) West Extension, and the Light Rail Transit Line 1 (LRT-1) Cavite Extension are all ongoing as of March 9 according to the National Economic and Development Authority (NEDA). These projects are among the 67 infrastructure flagship projects (IFP) that have been greenlit or are already underway out of the 194 high-impact projects under Marcos’ "Build Better More" program. In the rail sector, these approved and ongoing projects include the Metro Manila Subway Phase 1, Mindanao Rail Phase 1, Metro Rail Transit Line 3 (MRT-3) rehabilitation, Metro Rail Transit Line 4 (MRT-4), Metro Rail Transit Line 7 (MRT-7), New Cebu International Container Port, New Manila International Airport (Bulacan International Airport), North-South Commuter Railway (NSCR), Philippine National Railways (PNR) South Long Haul, and the Subic Clark Railway. The New Dumaguete Airport Development Project (Bacong International Airport) and the Integrated Flood Resilience and Adaptation (InFRA) Phase 1 have also both been approved by NEDA, with six projects awaiting approval. Last week, the NEDA Board, led by Marcos, approved 194 high-impact priority projects with a total cost of around PHP9 trillion. The board also approved amendments to the 2013 Joint Venture guidelines to support the government’s push for more investments in the country’s infrastructure. PNR suspension Meanwhile, Senate President Pro Tempore Loren Legarda has expressed alarm over an impending suspension of select PNR routes due to the NSCR, saying it will affect thousands of commuters, mostly students and workers. “The welfare of the riding public should always be prioritized yet it remains to be seen whether such proposed solutions would effectively and sufficiently address the riding public's urgent demands in time for the imminent suspension of the operations of the PNR,“ Legarda said in her explanatory note on Senate Resolution No. 546. The PNR plans to suspend operations of certain routes for up to five years to facilitate the faster construction of the 55-kilometer NSCR. The construction will start in May and PNR may suspend the routes between Governor Pascual in Malabon City and Calamba City in Laguna, and well as Alabang, Muntinlupa City to Calamba. The Tutuban, Manila-Alabang route will be suspended in October and will affect between 20,000 and 25-000 passengers daily. Legarda urged the Committee on Public Order, chaired by Senator Grace Poe, to look into the impending suspension and come up with alternative solutions.   Article courtesy of the Philippine News Agency

Photo credit: Global Ferronickel Holdings Global Ferronickel Holdings, Inc. (FNI), has just signed an Annual Purchase Agreement with Baosteel Resources International Co. Ltd. for the supply of 1.5 million WMT of nickel ore for the 2023 mining season. The nickel ore will be coming from FNI’s operating mines in Surigao del Norte and Palawan, operated by Platinum Group Metals Corporation (PGMC) and Ipilan Nickel Corporation (INC), respectively. “Our two operating mines have given us the ability to undertake year-round production to better support the growing demand from China. The easing of COVID-19 restrictions and the robust growth of China’s property sector that is driving the need for stainless steel will help boost the nickel industry,” said Dante R. Bravo, FNI President. Should stockpile inventory permit, one-third of the shipment will be composed of lowgrade nickel ore with 0.90% nickel content and 49% iron content while the remainder will be medium- to high- grade nickel ore with 1.30%-1.60% nickel content and 15%- 25% iron content. The selling price of each shipment will be set on a monthly basis according to the prevailing market price at the time of price setting. Baosteel Resources International Co., Ltd. is a wholly owned subsidiary of the top Chinese steel manufacturing corporation China Baowu Steel Group and is engaged in the business of mineral resource investment, trading, and logistics services. Notably, the company highly specializes on trading of metallurgic raw material with annual volume of over 60 million tons covering a vast range of products such as iron, ore, coal, alloys, non-ferrous metals, ferrous scraps, metallurgical flux, etc. Baosteel Resources maintains over 100 overseas suppliers and over 40 overseas clients. The Company’s headquarters is located in Hong Kong with footprints in Australia, Singapore, South Africa, Indonesia, and several others.   Article courtesy of the Philippine Stock Exchange

Photo: Signing of Binding Deed and Agreement (Left to right: PMR Holding Corp. President Dan Chalmers, CLA Chairman and MMCI President Atty. Julito “Sarge” Sarmiento, Sodor, Inc. President Ms. Erika Chalmers, and CLA Executive Director and MMCI Country Operations Director, Peter Hume). Celsius Resources Limited  is pleased to announce that on 17 March 2023 the Company’s wholly owned subsidiary, Makilala Holding Limited ("MHL"), entered into a binding deed with Sodor, Inc. for Sodor to acquire a 60% legal ownership in Makilala Mining Company, Inc. (“MMCI”) for consideration of PHP 300 million (approximately A$8.2 million as at the date of this announcement), on terms and conditions described in the following paragraphs. The signing of the Deed is a significant milestone as it will enable MMCI to apply for an MPSA for the MCB Project with the Philippine Government. As previously advised by the Company, under Philippine law, an MPSA must be held by a company that is at least 60% Filipino owned. In addition, the Company and its wholly owned subsidiaries MHL, MMCI, and PDEP Inc. (“PDEP”) entered into an accompanying binding letter agreement with Sodor and its affiliate PMR Holding Corp. (“PMR”) (together, the “Parties”) to agree on the timeline for, and that delivery to Sodor Inc. of share certificates representing 60% of MMCI’s outstanding shares pursuant to the Deed shall be made only after, the funding by Sodor Inc. and PMR of approximately ~US$43 million for a 30% economic interest in the MCB Project ("Funding Commitment"). 3 The MCB Project will be composed of MMCI and PDEP, both wholly owned subsidiaries of Celsius. The Parties shall rescind the Deed if Sodor and PMR are not able to provide the Funding Commitment within two years from signing, unless the period is shortened or extended by mutual agreement of the Parties. As at the date of this announcement the amount of the Funding Commitment, which is inclusive of the MMCI Consideration, is approximate as the Parties will confirm the size and timing of payment of the Funding Commitment following completion of a bankable feasibility study on the MCB Project. Provision of the Funding Commitment also remains subject to completion of negotiation and execution of binding definitive long form legal documentation. The Philippine Government has otherwise advised MMCI that it has met all of the other technical requirements to obtain the MCB Project’s required environmental and mining permits. Celsius Non-Executive Chairman and MMCI Chairman and President, Atty Julito R. Sarmiento, commented: “We are indeed honored to have Sodor Inc. as our local partner in our vision to develop the MCB Project as a model for Transformative Mining in the Philippines. Our principles and visions are aligned, which is a powerful step towards developing and operating the MCB Project in a responsible and sustainable manner benefitting both our shareholders and local stakeholders. It has always been our commitment, particularly to the Balatoc Tribal Community, that central to the mine development is cultural respect, social development, and environmental protection. Sodor Inc. shares the same commitment, and is thus a perfect partner in developing the MCB Project.”   Article courtesy of Celsius Resources. The full press release can be found HERE