Listed mining company Nickel Asia Corp. (NAC) said its wholly owned subsidiary has signed an operating agreement covering a mineral concession in Zambales, expanding the company's portfolio of mineral assets subject to regulatory approval.
In a disclosure, NAC said Samar Nickel Mining Resources Corp. entered into an operating agreement with San Juanico Resources Corp. covering Mineral Production Sharing Agreement (MPSA) No. 265-2008-III in the municipalities of Candelaria and Sta. Cruz, Zambales.
The agreement covers an area of approximately 3,432 hectares and remains subject to approval by the Mines and Geosciences Bureau.
Under the agreement, Samar Nickel will have the right to operate and further develop the mineral claims covered by the MPSA.
Nickel Asia said the transaction forms part of its efforts to strengthen its resource base and support the company's long-term growth strategy in the mining sector.
The company is the Philippines' largest producer of lateritic nickel ore and one of the country's leading natural resource development firms. Its operating mines include Rio Tuba Nickel Mining Corp. in Palawan, Taganito Mining Corp. in Surigao del Norte, Cagdianao Mining Corp. in Dinagat Islands, Hinatuan Mining Corp. in Surigao del Norte and Dinapigue Mining Corp. in Isabela.
Nickel Asia has also been pursuing exploration and resource development opportunities through several subsidiaries and affiliates as demand for nickel continues to grow, driven by its use in stainless steel production and electric vehicle battery manufacturing.
The Zambales concession adds to the company's pipeline of mining assets and exploration prospects as it seeks to expand its presence in key nickel-producing regions of the country.
The company has also diversified into renewable energy and other resource-related investments as part of its broader sustainability and growth initiatives.
Nickel Asia did not disclose the financial terms of the agreement.
