CPM, China coal mull exploration JV

By JAMES A. LOYOLAJanuary 22, 2011
MANILA, Philippines — Century Peak Metals Holdings Corporation (CPM) is executing a memorandum of understanding (MoU) with China Coal Geology Engineering Corporation for an exploration and drilling joint venture (JV) in the country.
In a disclosure to the Philippine Stock Exchange, CPM said China Coal is a state-owned company duly organized and existing under the laws of the Republic of China.
The MoU will allow the two firms to enter into negotiations and due diligence to establish a joint venture corporation to conduct exploration and drilling activities in the Philippines.
Beijing-based China Coal is China’s largest coal and other mineral exploration company and the proposed joint venture will provide high technology equipment and experienced geologists JVfrom China, CPM said. It will also enter into drilling contracts with CPM’s subsidiaries and affiliates, including any other mining properties that may be acquired in the future.
CPM had earlier announced that it has received confirmation that its subsidiary, Century Hua Guang Smelting, Inc. (CHGSI), has received its Amended Environmental Compliance Certificate (ECC) from the Environmental Management Bureau (EMB) to include the installation of a Coking Coal Plant to be located at the Leyte Industrial Development Estate (LIDE) in Isabel, Le1te.
The Coking Coal Plant will be a support system to its Ferro-Nickel Smelting Plant, since coke is a foremostraw material for the production of ferro-nickel alloy. It is CHGSI's approach to making the Ferro-Nickel Smelting Plant as self-sustaining as possible. (sourced www.mb.com.ph)