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'A monumental stride': Escudero hails joint venture between Nickel Asia, DMCI Mining Corp. on nickel processing plant
'A monumental stride': Escudero hails joint venture between Nickel Asia, DMCI Mining Corp. on nickel processing plant
Senate President Francis “Chiz” Escudero on Thursday, March 6 welcomed the announcement of a joint venture between Nickel Asia Corporation and DMCI Mining Corporation to develop a nickel processing plant in the country.
He called the partnership a “monumental stride” in adding greater value to mineral resources obtained from the Philippines.
“This partnership is a monumental stride in our journey to add greater value to our mineral resources,” Escudero said in a statement.
“Not only does this align perfectly with our vision of reducing raw mineral exports, but it also paves the way for economic growth and job generation for our people,” the Senate leader added.
A staunch advocate of sustainable mining, Escudero said he is confident the Nickel Asia-DMCI collaboration is a significant step towards advancing the country’s mineral processing industry.
It would also fuel the sector’s growth, and strengthen government’s efforts to position the Philippines as a key global player.
The announcement of the partnership comes after the approval of Senate Bill No. 2826, or the Enhanced Fiscal Regime for Large-Scale Metallic Mining bill, on third and final reading last month.
It was Escudero who led the introduction of key amendments to the measure as he emphasized the significance of reshaping the regulatory landscape of the mining industry.
SB 2826 primarily amends the National Internal Revenue Code of 1997 and prohibits the export of locally extracted raw minerals. This would take effect five years after it is signed into law.
Escudero said he is optimistic that the joint venture between Nickel Asia and DMCI Mining would complement the objectives of SB 2826.
Such partnership, he said, demonstrates the industry’s willingness to invest in local mineral processing to strengthen the country’s position as a key player in the global mining sector.
“Initiatives like this will empower us to harness our natural resources responsibly and sustainably while unlocking immense potential for the Filipino people and local economy,” the lawmaker said.