Promote mining of critical minerals, such as rare earth elements and nickel, in the Philippines within 2023

BUSAN, South Korea--(BUSINESS WIRE)--#BEP--BEP (Busan Equity Partners), a Korean asset management company, will invest in the PGMPI (Philippine General Minerals Project Inc.), a Filipino rare earth element mining company. BEP announced a plan to install facilities in a factory producing rare earth elements and nickel, etc. in addition to an additional investment in PGMPI together with a listed company in Korea.

On May 1, BEP signed a memorandum of understanding with PGMPI to develop core minerals, and finalized support measures for business cooperation with Philippine government officials. The agreement with PGMPI for establishing a joint venture in the Philippines will be wrapped up in June 2023.

Retired Army Lt. Gen. Antonio Parlade, president and chief executive of Philippine General Minerals Project Inc. said the firm’s vision was to align closely with the government’s program to promote industrialization and capitalize on the nation’s rich mineral reserves.

“The Philippines has vast mineral reserves containing rare earth elements with hidden properties that can make modern technology possible,” he said.

Gen. Antonio R. Lastimado, PA, PGPMI head of operations, said in a statement that they have already met in April this year, government officials including Trade and Industry Secretary Alfredo E. Pascual, DTI Undersecretary and Board of Investment Managing Head Ceferino S. Rodolfo, and officials of the Development Bank of the Philippines including DBP Director Maria Lourdes A. Arcenas and DBP President and CEO Michael O. de Jesus for initial discussions.

The rare earth elements such as nickel, zirconium, niobium, and hafnium, etc. that PGMPI will mine through this investment are strategic critical minerals. These are important minerals used in the core components and materials for electric vehicles, semiconductors and secondary cells. Through the MOU, BEP has paved a way for stable production of key minerals.

Lee Yun-seong, CEO of BEP, said, “Our decision to invest in PGMPI not only in equity but also in the manufacturing process is based on the judgment that the demand for materials in the high-tech industrial fields will expand greatly in the future. From the 13 mines for which PGMPI has acquired mining rights from the Filipino government, we can commence production and distribution immediately after the refinery establishment.”

Contacts

HAN Dong-Yun

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