"TERRACHROME" PROJECT - CHROME ORE MINING IN THE PHILIPPINES

The indigenous people of the Philippines have every right to extract minerals manually on the island where they live. Chrome Ore received permission to build a mechanized mine for chrome ore extraction and a license for chrome ore extraction on a 20-hectare site with the right to expand the license area after standard geological exploration (the total area of ​​the deposit is more than 1,000 hectares). The association purchased special equipment at the expense of the main shareholders (an excavator, a bulldozer and a dump truck), equipped the mine and a warehouse for finished products and began extracting ore on a small industrial scale (≈ 1,000 tons per month). To increase the volume of extraction, investments are needed in special equipment (excavators, bulldozers, dump trucks), in infrastructure (roads, barge berths) and it is necessary to increase the working capital of the TERRACHROME project.

Due to the fact that the majority of the population of the Philippines earns their living by prospecting (they manually use a pick to break off pieces of chrome ore, then use the same pick to separate the chrome ore from the waste rock and carry it on foot in sacks to the Chrome Ore company's purchasing points), the Philippine government has decided not to allow large international concerns to enter the Philippines and not to permit the construction of large mining and processing plants (MPPs), but issues licenses for the extraction of minerals to small local companies, including our partner, Chrome Ore, which has received a license for the extraction of chrome ore, which has undertaken the obligation not only to extract chrome ore, but also to provide work for local prospectors, purchasing chrome ore from them with a commission not exceeding 25% (the ore is weighed at the receiving points and the prospectors are paid in cash on the spot, which does not contradict the laws of the Philippines).

The shareholders of Chrome Ore and Terrachrome, S.r.o. are long-standing business partners in the Philippines, and the companies themselves are members of the Philippine Rare Metall Group (PHRMG) consortium. Russian geologists working in the interests of the shareholders of Terrachrome, S.r.o. carried out geological exploration work on numerous Philippine islands, including in the interests of the shareholders of Chrome Ore. The Philippine side was very satisfied with the quality of the geologists' work, all the predicted geological maps of the outlined deposits were confirmed by control drilling and subsequent development of these deposits. The Philippine authorities do not allow the construction of huge mines and powerful processing plants on the islands, worrying about the environment, but they allow small mines and issue licenses. By and large, such a policy of the country's authorities is beneficial for the shareholders of Chrome Ore and Terrachrome. Huge reserves of chrome ore (and not only!) will be placed at the disposal of the above-mentioned companies for reasons of environmental safety, which allows us to plan a very profitable business for at least the next 50 years.