Marcventures acquires new bauxite mine in Surigao, Philippines

<p>A nickel miner Marcventures Holdings Inc. in Philippines has signed a deal to acquire a bauxite mine located in Samar area in Surigao along with a new nickel mine in Surigao del Sur. The newly acquired mines are adjacent to its existing operations facilitating a merger among the operating companies.<br /><br />According to a press statement released by Marcventures on Friday, though this deal they would merge with Asia Pilot Mining Philippines and the holding company of Brightgreen Resources Corp.<br /><br /><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/Bauxite16.png" alt="News" width="517" height="226" /><br />Asia Pilot owns two mineral production sharing agreements (MPSAs) and the Brightgreen group owns a separate MPSA within the region.<br /><br />Bauxite demand is growing phenomenally along with the increase in aluminium production in Asia and especially China. Aluminium alloys are in high demand from industries like aerospace, transportation, construction and various manufacturing industries. The prices have also become very stable in recent times during the on-going slump in metal prices globally.<br /><br />{googleAdsense}<br /><br />China, Australia, U.S. and Europe are the biggest consumers of aluminium while the main sources of bauxite are Australia, China, India, Brazil and Guinea. The company is expanding its operations to bauxite mining considering the growing demand.<br /><br />&ldquo;The two MPSAs are the only ones currently allowed to mine Bauxite in the Philippines and will make Marcventures the only mining company to be able to extract the mineral, which is found only in Samar,&rdquo; Marcventures press release says.</p>