FNI Of The Philippines Consolidates Its Nickel Ore Portfolio

Philippine-listed Global Ferronickel Holdings Inc. (FNI) will concentrate its mining portfolio in its Platinum Group Metals Corp subsidiary.

On December 27, FNI disclosed to the Philippine Stock Exchange that its board of directors approved the termination of its relationship with Giantlead Prestige Inc. And the Memorandum of Agreement dated November 27, 2014 and the Contract of Sale dated August 6, 2015.

The transaction includes the acquisition of 100 per cent of the issued capital of SPNVI. The Company's Board of Directors authorized the President of FNI to execute and receive all documents or documents for the termination of the Contract. The termination of the agreement paves the way for the Company to concentrate its mining portfolio in its subsidiaries.