Nickel Asia Corp., owned by the political Zamora family, bought 33.05 million common shares for $25.94 million of Coral Bay Nickel Corp., which operates a high-pressure acid leach (HPAL) processing plant in Bataraza, Palawan.
NAC bought from Coral Bay’s majority shareholder, Sumitomo Metal Mining Co. Ltd. (SMM) of Japan. Raising NAC’s equity ownership of CBNC to 15.625 percent from 10 percent.
Nickel Asia said the acquisition was made pursuant to the exercise of its option to purchase additional CBNC shares, reported business blog spot, Bilyonaryo.
The Coral Bay HPAL processing plant processes metals from lateritic nickel ore.
“This investment by the company was made in furtherance of its commitments toward sustainability, environmental protection and renewable energy, since the processing of lateritic nickel ores by the CBNC HPAL plant allows the utilization of cobalt and nickel derived from such ores for manufacturing electric vehicle batteries,” Nickel Asia said.
Nickel Asia said the sale and purchase transaction also strengthens the long-standing partnership between the company and SMM.
NAC is a Philippine mining company based at the Bonifacio Global City in Taguig which mines lateritic nickel ore from its mine site in Taganito, Claver, Surigao del Norte.
Founded in 1969 by Manuel “Manny” B. Zamora Jr, brother of businessman Salvador “Buddy” B. Zamora and former San Juan City Congressman Ronaldo “Ronnie” B. Zamora of the Zamora family,[2] it has 4 operational mining sites:[3]
The main products, saprolite and limonite ore, are used by NAC's Japanese, Chinese and Australian customers to produce ferronickel and nickel pig iron (NPI).
In 2015, sales of nickel ore rose 10 percent to 19.7 million wet metric tons (WMT) with a revenue of P15.4 billion.
NAC's sites were among those under critical inspection of the DENR (Department of Environment and Natural Resources) during the time of the late DENR Secretary Gina Lopez, accused of a range of environmental law violations with uncontrolled siltation and soil erosion, dust emissions cited as the main reasons amongst others. The Hinatuan site was one of 20 mining sites subsequently proposed for close-down in September 2016.
Other ventures
Besides the mining business, NAC also has invested in renewable energy and power generation with Emerging Power Inc (founded in 2001), (EPI), operating in Subic Bay Freeport, Nauhan, Mindoro Oriental, and Biliran. Jobin-SQM Inc operating in Subic. NAC has also ventured into gold exploration Cordillera Exploration Co Inc, and Newminco Pacific Mining Corp.
The Zamora family also has interests in the following industries: Security Bank (Banking; purchased from Ronald Gapud in 1986), MANTA Equities Inc (Property holding firm founded in 1990), Informatics College (College founded in 1993), Zamora and Poblador law offices (Law firm founded in 1993), and Cafe Lyon and Pepper Lunch (Food and Beverage restaurants).
The family has also ventured into the copper industry. MRC Allied Inc on March 11, 2022, sold 100% of their stakes in Tampakan Copper-Gold Project and Marihatag Copper-Gold Project in Tampakan, Davao Del Sur, and the Boston-Cateel Copper-Gold Project and Paquibato Copper-Gold Project in Davao Oriental and Davao Del Norte to Salvador “Buddy” Zamora.