MANILA, Philippines – Nickel Asia Corporation, the country’s largest nickel producer which successfully debuted at the bourse Monday, is diversifying to gold and copper exploration while adding two more nickel mines to its portfolio. On its listing, Nickel Asia rose to as high as P19.40 but closed only 10 percent higher than its initial public offering price of P15.00 to P16.50. The P4.57 billion IPO of the nickel miner is the second for the bourse this year, following listing of Cebu Air last October 26. Nickel Asia, on its debut, was the most actively traded stock for the day. Transactions for the issue amounted to P2.65 billion. SB Equities said several block sales were executed on the stock’s first trading day. Nickel Asia president Gerard Brimo said the firm is in talks with investors for its copper and gold prospects and it may add up to two nickel mines by 2013. The two nickel mines are a priority as these will allow the firm to expand its resource base to meet the higher demand once Nickel Asia’s IPO-funded nickel processing plant to come onstream in three years. “There are at least two properties that we are looking at,” said Brimo but noted that “we will have to wait for the drilling results.” Brimo said they have identified a few properties for acquisition and are in talks with a few. He added that these can be both for nickel resources as well as copper and gold. "When we talk about acquisition, it is really more on the nickel side," Brimo said. Brimo said they have seven prospective mine sites with two sites for exploration already have figures but more exploration and feasibility studies have to be conducted. These might be turned into mines by 2012 to 2013. “We have three exploration properties that are adjacent to Taganito. And also in the mine itself, there are open areas for drilling," Brimo said explaining that "they are intended to extend mine life and also bring one additional mines into production." Nickel Asia offered 304.5 million primary shares, including 132.99 million treasury shares. The firm also set aside 45.68 million shares as an over-allotment option. About P3.98 billion or $86 million of the proceeds will be invested in the Taganito mines in Surigao del Norte province in Mindanao while the balance will be earmarked for exploration activities and acquisitions. The firm is obligated to make an equity contribution of $102.4 million to Taganito HPAL Nickel Corporation under an agreement with shareholders. Taganito HPAL Nickel is a unit of Sumitomio Metal Mining. The Taganito HPAL investment of P3.99 billion as well as investments in subsidiaries for exploration of P393.635 million will be made in the fourth quarter of 2010.

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