BUSAN EQUITY PARTNERS TO INVEST IN PGMPI

KUALA LUMPUR, June 14 (Bernama) -- Busan Equity Partners (BEP), a Korean asset management company, will invest in the Philippine General Minerals Project Inc (PGMPI), a Filipino rare earth element mining company.

In a statement, BEP announced a plan to install facilities in a factory producing rare earth elements and nickel, among others, along with an additional investment in PGMPI together with a listed company in Korea.

“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,” said BEP Chief Executive Officer, Lee Yun-seong.

On May 1, BEP signed a memorandum of understanding with PGMPI to develop core minerals, and finalised support measures for business cooperation with the Philippine government officials.

The agreement with PGMPI for establishing a joint venture in the Philippines will be wrapped up this month. Through the MOU, BEP has paved a way for stable production of key minerals.

The rare earth elements such as nickel, zirconium, niobium and hafnium that PGMPI will mine via this investment are strategic critical minerals which are important minerals used in the core components and materials for electric vehicles, semiconductors and secondary cells.

-- BERNAMA