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|MBMI Resources Inc. is a Canadian-based mining company focused on the exploration and development of nickel mineral properties in the Philippines. MBMI and its partners control nine nickel laterite projects in the Philippines, covering an area greater than 22,000 hectares. MBMI's objective is to become a major supplier of high-grade nickel material to primary industrial consumers in Asia.
The Company's Philippine partners were granted Small Scale Mining Operating permits for the Alpha nickel property in Narra, Philippines which have enabled the evaluation, extraction, testing, and sales of nickel raw materials to Asian industrial consumers
In June of 2010 the Company announced the approval of a consolidated Financial and Technical Assistance Agreement (FTAA) with the Philippine Government which allows large-scale exploration, development and utilization of minerals on the four (4) properties on Palawan, Philippines. On April 19, 2011, the Company announced that it had been notified that the Office of the President of the Philippines has issued a decision cancelling the FTAAs.
The Company on advice of its legal counsel believes that the decision is not in accordance with legal actions of a similar nature previously settled by the Supreme Court of the Philippines. MBMI will vigorously fight this Decision and defend the Company's affiliate's legally issued FTAAs. The company has commenced curtailment of non-essential activities and will continue activities that conform to Philippine Law while defending its rights and legally issued permits.