NiHAO Mineral Resources International Inc. said Friday that its wholly-owned subsidiary, Mina Tierra Gracia Inc., entered a deal for the development and production of nickel ore in mining claims in Zambales.
The listed nickel miner told the Philippine Stock Exchange that Mina Tierra has six months from the signing of a contract with Sorentomines Inc. to explore, develop, extract and market nickel ores from mining claims in the towns of Botolan and Iba.
NiHAO said Mina Tierra will be entitled to royalty fees and an annual fee to be paid by Sorentomines. It said the operating agreement will be valid for the remaining period of the mine production sharing agreement, and any renewal thereof.
The listed mining company said the agreement is expected to benefit Mina Tierra as the exploration, development, extraction, and marketing of minerals are in furtherance of the mining business of the company and Mina Tierra.
