Wellex Mining to enter into joint venture with Chinese firms

The Gatchalian-led Wellex Mining is mulling a joint venture with two Chinese firms for its mining site in Dinagat Island, Surigao del Norte.

Company president and chief executive Weslie T. Gatchalian said the potential investors have processing plants in various provinces in China.

"In line with the government's thrust in bringing-in investments to the country, our group is presently in negotiations with two Chinese firms for possible joint venture in our mine site," he said.

Wellex, a member of the Wellex Group, Inc., is actively concentrating on its chromite exploration in chromite- and nickel-rich Dinagat Island where it owns an aggregate 3,700 hectares. Of this, 350 hectares are churning 250,000 tons of chromite ore.

It is hoping to also mine gold in the highly mineralized area.

Gatchalian said the sharp decline in the prices of industrial metals, one of the effects of the global financial crisis, is not stopping them from being more active in the mining industry. (abs-cbnnews.com)

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