Posted on 04 Feb 2021
JDVC Resources Corporation, a subsidiary of the listed company Apollo Global Capital (APL), will start commercial operations of Philippine's first offshore magnetite iron mining project in Cagayan by end-February. A new deep-sea mining vessel, named MB Siphon I, is now on standby at the mining site, pending favourable weather conditions, Kallanish notes.
JDVC's mining operation will be conducted in the northeast portion of Luzon, specifically in the offshore areas consisting of 1,902 hectares off Gonzaga town in the province of Cagayan. The miner says the probable ore reserve is around 632 million tonnes of magnetite. The Development Bank of the Philippines granted an $8 million credit line for the JDVC magnetite iron mining project, according to the company.
The miner has partnered with Kinetic Holdings Corp of nickel and restaurant magnate Frank Lao, who invested in three additional deep-sea mining vessels that will mine a combined 10,000 tonnes/day of ores. "The three vessels are slated for deployment one after the other during the months of March, April, and May of 2021," APL says.
Source:Kallanish
