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Review Of Operations

RIO TUBA NICKEL MINING CORPORATION
(RTN – 60% Owned)

RTN won the ASEAN Mineral Awards Best Practice in Mineral Mining Category in 2017 and was first runner up in 2019. It also placed third runner up in the Mining Forest Program during the 66th Annual National Mine Safety and Environment Conference (ANMSEC) held at Camp John Hay in Baguio City last November 22, 2019. RTN’s best practices in safety are embodied in its Emergency Preparedness and Response Program as it also received recognition as back-to-back champion in the 2018 and 2019 First Aid Competitions.

Safety has always been a priority and the key in the achievement of the company’s production output. Through the company’s efforts in the implementation of its Occupational Safety and Health Program, RTNMC was given the 11th Gawad Kaligtasan and Kalusugan Award last September 2019. The company’s Emergency Response Team, through its continuing effort and commitment, has maintained its readiness and quick responsiveness in cases of emergency in the workplace and in the community. The RTNMC Fire Brigade Team has been the number one responder in reported grass fires in the Rio Tuba and nearby barangays. The Fire Brigade Team further represented the MIMAROPA Region during the National Fire Olympics last March 17, 2019 after winning in the Provincial and Regional Fire Olympics last August and September 2019.

This year, RTN welcomed its first lady Resident Mine Manager, Engr. Cynthia Rosero. On November 2019, she was recognized and awarded by MGB- MIMAROPA as the ‘Most Empowered Woman in Mining’ in the MIMAROPA Region.

RTN maintained its ISO Standards by successfully completing its re-certification in Environmental Management System, ISO 14001:2015, upgrade in Occupational Health and Safety Management System, ISO 45001:2018, and certification in Quality Management System, ISO 9001:2015 last January 25, 2019. All three international standards have been successfully fitted together into the prestigious Integrated Management System.

Mining Volume

The volume of ore mined for the year amounted to 5,580,006, consisting of 1,276,514 WMT of saprolite ore, 4,172,818 WMT of limonite ore, and a stripping volume of 130,674 WMT. RTN also retrieved 417,862 WMT of saprolite ore from stockpiles to meet the budgeted annual saprolite shipment.

Shipments

RTN sold a total of 4,875,978 WMT of nickel ore in 2019. Medium-grade saprolite ore totalling 398,310 WMT were sold to Pacific Metals Co., Ltd. (PAMCO) at an average price of US$ 23.81 per WMT. In addition, medium-grade saprolite ore totalling 1,053,081 WMT were sold to Chinese customers at an average price of US$ 21.03 per WMT.

HPAL-grade limonite ore (approximately 1.05% nickel grade) totalling 3,424,587 WMT was delivered to the Coral Bay HPAL facility. The realized LME nickel price for this tonnage averaged US$ 6.27 per pound of payable nickel. In addition, 264,120 of crushed limestone was sold to Coral Bay while 109,415 WMT was sold to Unichamp Mineral Philippines Inc. (UMPI). RTN also provided a variety of services such as handling and hauling of materials and supplies for the Coral Bay plant.

TAGANITO MINING CORPORATION
(TMC - 65% Owned)

TMC achieved the Regional Gawad KALASAG Award under Best Private (Corporate/Business) Organization Category from the National Disaster Risk Reduction and Management Council. The Philippine Extractive Industries Transparency Initiative awarded TMC as Champion in Excellence for Reporting for Metallic Mining Category. TMC was also a finalist in the Department of Labor and Employment’s Search for Outstanding LMC for Industrial Peace.

“Safety begins with me” is the year 2019 battle cry towards safety in TMC as it begins within “ourselves and in our homes”. The TMC Emergency Response Team is known for its commitment of going beyond borders by extending assistance around the island of Mindanao specifically in Surigao del Sur, Davao del Sur and Cotabato during the destructive earthquakes that hit
these provinces in 2019. TMC’s Fire Brigade won the provincial and regional firefighting competition making them the representative of the Caraga Region in the 2020 National Fire Olympics.

TMC was recommended for the maintenance of the certification for ISO 9001:2015 Quality Management System, ISO 45001:2018 Occupational Safety and Health Management System, and ISO 14001:2015 Environmental Management System during the surveillance audit on November 30, 2019.

Mining Volume

The volume of ore mined for the year amounted to 9,668,802 WMT. This consists of 4,915,953 WMT of saprolite ore and 4,752,849 WMT of limonite ore, of which 4,695,949 WMT is allocated to THPAL and 56,900 WMT is shipped as Direct Shipment Limonite ore to China. TMC also retrieved 113,700 WMT of limonite ore from stockpiles and delivered to THPAL to augment the limonite ore feed requirements of the plant

Shipments

TMC sold a total of 9,162,911 WMT of nickel ore in 2019. High-grade and medium-grade ore totalling 593,203 WMT were sold to PAMCO at an average price of US$ 32.50 per WMT. Medium-grade saprolite ore totalling 3,585,087 WMT were sold to Chinese customers at an average price of US$ 25.42 per WMT.

Low-grade limonite ore totalling 4,927,721 WMT, a 16% increase from the prior year’s volume of 4,252,688 WMT, was delivered to the Taganito HPAL plant. The realized LME nickel price for this tonnage was US$ 6.21 per pound of payable nickel. In addition, TMC provided a variety of services such as handling and hauling of materials and supplies for the Taganito HPAL plant. In addition, TMC sold 56,900 low-grade limonite ore to Chinese customers at an average price of US$ 12.68.

HINATUAN MINING CORPORATION
(HMC - 100% Owned)

HMC received the Presidential Mineral Industry Environmental Award (PMIEA) Platinum Achievement Award in November 22, 2019, a repeat winner, after receiving the same award in 2018 and 2017, and the Titanium Award in 2016. HMC also received the 1st Runner-up for the 2019 Best Mining Forest. Mr. Angelo Cañada was awarded “Best Surface Miner” while Engr, James Wilkins Asio, one of our Mine Production Supervisors was recognized as the “Best Surface Supervisor” on the same event.

In 2019, HMC was able to reduce its accident/ incident to 52% due to its efficient implementation of Total Loss Control Management (TLCM). During the fifth Caraga Safety Competition held last September 26, 2019, HMC’s Fire Fighting Team won the second place in Fire Extinguishment Contest while its First Aid Team won the championship in the First Aid Competition. At the end of the year, HMC already accumulated 27,066,354.95 safe man hours without lost time accident since May 2014.

HMC’s Emergency Response Team responded during the 6.9 and 6.6 magnitude earthquakes in Davao del Sur and North Cotabato, respectively, by providing relief goods and assistance to the affected communities in the two (2) provinces.

HMC was issued its Integrated Management System (IMS) Certification on June 13, 2018 covering ISO 9001:2015 Quality Management System, ISO 14001:2015 Environmental Management System and OHSAS 18001:2007 Occupational Health and Safety Management System. HMC is the first company under the umbrella of Nickel Asia Corporation to acquire such feat. On May 10, 2019, HMC successfully passed the surveillance audit conducted by NQA Phils. for the continuous use of its IMS.

Mining Volume

The volume of ore mined for the year totaled to 4,767,134 WMT, consisting of 1,159,259 WMT of saprolite ore and 1,436,458 WMT of limonite ore. The stripping volume amounted to 2,171,417 WMT.

Shipments

HMC sold a total of 2,019,836 WMT of nickel ore in 2019, all of which were shipped out from HMC’s Tagana-an Nickel Project. Medium-grade saprolite ore totalling 485,613 WMT and low-grade limonite ore totalling 1,524,216 WMT were sold to Chinese customers at an average price of US$ 20.21 per WMT and USD 15.13 per WMT, respectively. A 10,007 WMT test shipment to Coral Bay of the same grade was also made at a price of US$ 9.00 per WMT.

CAGDIANAO MINING CORPORATION
(CMC - 100% Owned)

CMC continues to manifest its commitment to its stakeholders as it received, during the 2019 ANMSEC, awards for Safest Surface Mining Operation, Safest Mining Operation, and the PMIEA Presidential Achievement Award – the highest recognition given by the body to mining companies in the Philippines. In 2018, it was awarded with the PMIEA Platinum Achievement Award, Most Improved Safety Performance, and was a Runner-up for Safest Surface Mining Operation.

CMC considers safety as the number one priority; in terms of incident and Non-Lost Time Accident records in 2018 and 2019, there is a decrease of 56.8% in incident rate and a decrease of 53.8% in Non Lost Time Accidents. CMC is focused on recording of near misses, identification of work hazards, daily tool box meetings, regular scheduled safety and health committee meetings, safety trainings, and walk-around machine / heavy equipment inspections every start of work shift. CMC’s safety management system, in line with ISO 45001, are key elements that enabled CMC to garner the Safest Surface Mines and the Overall Safest Mine Operations Award.

A surveillance audit was conducted to validate CMC’s commitment to ISO 9001:2015 Quality Management System and ISO 14001:2015 Environmental Management System last May 21-25 2019. Also to heighten commitment to Occupational Health and Safety, CMC transitioned from OHSAS 18001:2007 to ISO 45001:2018 Occupational Health and Safety Management System subject for re-certification in the year 2020. CMC overcame the challenges of transitioning, maintaining and improving the commitment to ISO standards while strengthening CMC’s Integrated Management System.

Mining Volume

The volume of ore mined for the year amounted to 3,411,056 WMT, consisting of 2,752,555 WMT of saprolite ore and 658,501 WMT of limonite ore. The stripping volume amounted to 3,939,653 WMT. The total materials – ore and waste – moved for 2019 is a 17% increase from 2018’s mining operation

Shipments

CMC sold a total volume of 2,776,828 WMT of ore in 2019. High-grade saprolite ore totalling 201,881 WMT were sold to PAMCO at an average price of US$ 36.50 per WMT. Medium-grade saprolite ore totalling 2,544,238 WMT was sold to Chinese customers at an average price of US$ 24.59 per WMT, respectively. CMC also made a test shipment of its low-grade limonite ore totalling 30,709 WMT to Coral Bay at a price of US$ 9.00 per WMT.