29 October 2009, Manila, Philippines – Century Hua Guang Smelting Incorporated (CHGSI), a subsidiary of Century Peak Metals Holdings Corporation (CPMHC), recently signed a Registration Agreement with the Philippine Economic Zone Authority (PEZA) as endorsed by the Department of Environment and Natural Resources to officially become an Ecozone Export Enterprise.
Ecozone Export Enterprises are companies that export 70% of its production. In the Philippines, CHGSI will engage in the production of nickel pig iron to be located at its smelting plant at the Leyte Industrial Development Estate (LIDE) in Isabel, Leyte.
The company will produce nickel pig iron through low-grade nickel laterite ore utilizing China's International Patent of high temperature blast furnace process. This technology pioneered by Zheijiang Huaguang Smelt Group Co. Ltd. enriches the structure of stainless steel raw materials and promotes the development of utilizing nickel laterite ore of low nickel content, allowing it to accept any grade of nickel ore ranging from 0.9% to 3% with least environmental impact. This will enable CHGSI to maximize all the nickel ore available to produce ferro-nickel pig iron with a grade of as high as 7% nickel, greatly improving the viability of the Philippine mining industry. The ferro-nickel pig iron produced from the above process is an immediate raw material utilized in the iron and stainless steel industry.
CHGSI is a joint venture company initiated by the major stockholders of CPMHC and Zheijiang Huaguang Smelt Group Co. Ltd.. According to CPMHC President Wilfredo Keng, the registration of CGHSI as an Ecozone Export Enterprise marks another milestone for the company following CPMHC's successful listing in the Philippine Stock Exchange earlier this month.
"Today marks the continued commitment of CPMHC, along with its partner, Zheijiang Huaguang Smelt Group Co. Ltd., to invest in the country. We are very optimistic as we see a lot of opportunities for our company to grow in the Philippines, and with the projects that we are embarking on such as the smelting in LIDE, we are also definitely in a good position to contribute to the growth and development of the local mining industry," Keng said.
CHGSI shall commence the construction of its smelting plant at the Leyte Industrial Development Estate, pending the approval of the required permits and licenses. Photo above shows (l-r) David Wuson, Chief Financial Officer of Century Hua Guang Smelting Inc.; Director General Lilia B. De Lima, Philippine Economic Zone Authority; and Angela Ong, Corporate Information Officer of Century Peak Metals Holdings Corporation during the signing of the PEZA registration agreement.
About Century Peak Metals Holdings Corporation (CPMHC)
Century Peak Metals Holdings Corporation (formerly, Fil Hispano Corporation) was incorporated on December 30, 2003 as an investment holding company. On February 15, 2008, the SEC approved the change of its corporate name to Century Peak Metals Holdings Corporation. On April 14, 2008, the SEC further approved the amendment of the Company's Articles of Incorporation changing its primary purpose to promoting, operating, managing, holding owning or investing in corporations or entities that are engaged in mining activities or mining-related activities.