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Friday, 08 August 2008 14:28
Two mining companies with ties to former Environment Secretary Michael Defensor have clinched deals to operate a mineral exploration site in Botolan, Zambales, along with a Chinese company.

Defensor's links to NiHAO Mineral Resources Inc. and Geograce Resources Philippines were revealed during the signing Thursday of the $150-million joint venture agreement for mineral exploration in Botolan between the two companies and China's Jiangxi Rare Earth and Rare Metals Tungsten Group.

President Arroyo witnessed the signing of the deal in Chengdu in China's Sichuan province.

Both NiHAO and Geograce are headed by Michael Defensor, who recently resigned from his position as head of the task force that oversaw the opening of Ninoy Aquino International Airport's Terminal 3. Currently, Defensor is overseeing the implementation of the Northrail project.

Defensor did not deny his involvement in both companies. Both companies said Defensor, who is also a former chief of the Presidential Management Staff, is their chairman of the board.

In the Memorandum of Understanding, Jiangxi will explore for nickel in Zambales, which Defensor said has reserves with an estimated value of around $500 million.

The building of an ore processing plant in Botolan is also part of the agreement. Defensor said the project would help in raising the quality of gold, bronze, and nickel mined in the country.

Defensor said this new agreement would mean good news for the economy, because the project would mean new investments into the country.

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NiHAO and Geograce are both listed at the Philippine Stock Exchange (PSE). Prior to the multimillion-dollar deal with Jiangxi, the companies had no accomplished projects.

However, stocks of both companies at the PSE have risen for the past few months.

Geograce shares last traded at P0.92, according to the PSE Web site. NiHAO, meanwhile, went for P10.75 per share.

According to NiHAO's Web site (nihaometals.com), the company has rights to explore over 6,800 hectares in Botolan. It also listed two projects in Manticao, Misamis Oriental, and Antique, both still in pre-exploration stages.

The companies' websites also list businessman Jerry Angping, brother of Philippine Special Envoy to China for Trade and Investments Harry Angping, as both chairman of NiHAO and president of Geograce, while Renato Puno, brother of Interior Secretary Ronaldo Puno, is chairman of Geograce.

Mrs. Arroyo, accompanied by an 11-man delegation, left Manila Thursday on board a chartered flight for China to attend the Beijing Olympics.

She was also accompanied by First Gentleman Juan Miguel Arroyo and was sent off at the Terminal 3 by Executive Secretary Eduardo Ermita, Defense Secretary Gilbert Teodoro and Press Secretary Jesus Dureza.
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