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NIHAO Mineral Resources International Inc. said it
has secured the nod of regulators to assign Saprolite Mining
Inc.’s exploration permit in Zambales to the company’s unit Mina
Tierra Gracia Inc.
In a disclosure to the Philippine
Stock Exchange, Nihao said the Mines and Geosciences Bureau (MGB)
issued an order that approved the transfer of Saprolite’s license
in Iba and Botolan in the said province to Mina Tierra.
Formerly Magnum Holdings Inc.,
Nihao is primarily engaged in the exploration, development and
operation of mineral properties and the mining of metallic and
non-metallic minerals.
The permit now assigned to
Nihao’s wholly owned subsidiary covers an area of over 5,000
hectares, which is said to contain prospective nickel reserves.
This came about after Mina Tierra
and Saprolite, the original applicant and awardee of the exploration
permit, entered into a deed of assignment for the said mining claims
in July last year.
An administrative order issued by
the Department of Environment and Natural Resources allows for
exploration permits held by mining firms to be assigned to another
qualified entity subject to the approval of the MGB.
Under the agreement, Mina Tierra
will be the sole owner of the land covered by Saprolite’s permit.
In line with the transfer, Nihao incurred P22.83 million in expenses
to cover mining permits and other costs in the first half of the
year.
In its financial statement, the
company said that it registered losses of P72.71 million over the
said period or five times higher compared with the previous year as
its mining claims are still in the exploration stage.
Aside from the new exploration
permit in Zambales, Nihao also has claims in Misamis Oriental,
Antique and North Cotabato covering an area of 20,841 hectares.
Nihao’s total liabilities
amounted to P182.02 million, of which P171.3 million was due to
advances from shareholders.
Nihao’s shares closed flat at
P7.7 on Wednesday.
--Euan Paulo C. Añonuevo
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