Manila/Philippines. January 05, 2021. Global Ferronickel Holdings, Inc. (FNI) today announces proven and probable ore reserves of 59.45 million wet metric tonnes at 1.14% Ni and 30.50% Fe as of October 15, 2020 for Platinum Group Metals Corporation Cagdianao Nickel Expansion Project. The estimate represents a 37% increase from the 43.3 million wet metric tonnes reported during the same period last year. Based on an annual production of 6.0 million WMT of ore, the project’s estimated mine life is approximately ten years.
“Continuous exploration is being conducted, especially in CAGA 2, CAGA 3 and CAGA 4, to extend the mine life further and to search for other potential resource commodities such as limestone and chromite. We are also looking at developing CAGA 5 into a biodiversity conservation area,” said Dante R. Bravo, President of FNI.
At present, the marketable ores are all shipped to buyers in China. The higher-grade ore will also be shipped to Japan when the need arises.