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Russia, PH firms to ink accord

  • Written by Cristina Lee-Pisco
  • Published in Top Stories
  • Read: 219

PHILIPPINE and Russian firms are expected to sign a cooperation agreement in mining.

Valeriy Krasnov, Chairman of Vi Holdings Ltd., called on Philippine Ambassador to Moscow Carlos D. Sorreta to discuss the upcoming signing of a cooperation agreement between Russia’s Vi Holdings and the Philippines’ Global Ferronickel Holdings during the visit of Prime Minister Dmitry Medvedev to Manila on November 13-14. The Prime Minister will attend the East Asia Summit and is set to meet with President Rodrigo R. Duterte.

Global Ferronickel Holdings is a publicly-listed mining corporation that is the second-largest nickel ore exporter in the Philippines. Vi Holdings have interests in mining, metallurgy, energy and real estate and invest in international partnerships using Russian capital and technology.

They are present in Europe, Africa, China and Russia with aggregate assets of 6 billion USD.

The two companies seek to implement joint-activities in the production and processing of lateritic ores using the Vi Holdings’ technology and Global Ferronickel’s concessions.

“We are very excited about this deal which was one of the many products of President Duterte’s visit to Russia in May 2017,” said Sorreta.
    
He added, “This sort of cooperation is much-needed for our mining industry to transition from just exporting raw materials to processing and refining domestically.”