MANILA, Philippines — Listed Global Ferronickel Holdings Inc. (FNI) is setting its sights on the booming cement industry to take advantage of the government’s aggressive infrastructure program.
FNI president Dante Bravo said its Cagdianao mine showed potential for limestones, the raw ingredient for cement.
Bravo said the company is looking at the possibility of putting up a cement plant.
“We are looking at maximizing the potential of our limestones since we also have this Build Build Build program of the administration especially on roads and bridges. That would require a lot of cement,” Bravo said in a briefing yesterday.
While FNI has yet to quantify the exact limestone reserves in the area, an initial one hectare has already been tapped for exploration.
“Cement plants, particularly in Mindanao, are producing less than the demand. There is an increase in cement demand plus the economy is not showing signs of slowing down,” Bravo said.
Bravo said the company is open to forging partnerships considering the huge investment required for this endeavor.
He said the lifting of Executive Order 79 or the moratorium on mining projects would pave the way for the construction of a nickel plant in joint venture with Russian Vi Holding LCC.
“We are interested in putting up a nickel plant, but that would depend on how fast the government opens up the industry,” Bravo said.
“Putting up a plant requires 50 years of mine life. It will require more than a billion dollars and with our current framework, who will be willing to invest?,” he said.