Formerly Magnum Holdings, Inc., NiHAO Mineral Resources International, Inc. (NI) was incorporated on July 9, 1975. On June 28, 2007, the SEC approved the change in the Company's primary purpose from a holding company to that of exploration, development and operation of mineral properties and the mining of metallic and non-metallic minerals. The Company also subsequently changed its corporate name to NiHAO Mineral Resources International, Inc.
NI is engaged in mineral exploration, development, and production with focus on nickel laterite projects. As of December 31, 2010, NI has four mining claims located in the provinces of Zambales, Misamis Oriental, North Cotabato, and Antique. NI's mining claims cover a total of approximately 20,841 hectares.
The Company's subsidiaries and affiliates consist of Mina Tierra Gracia, Inc., Visayas Ore Philippines, Inc., Bountiful Geomines, Inc., Companhia Nube Minerale, Inc., Companhia Minera Tierra, Inc. and Minedomain, Inc. As of December 31, 2010, the company has four mining claims located in the provinces of Zambales, Misamis Oriental, North Cotabato and Antique. The Company's mining claims cover a total of approximately 20,841 hectares.
For the May to August 2011 period, Oriental Vision Mining Corporation, an affiliate of theCompany, has shipped US$10.097 million worth of lateritic nickel ore from its Palhi Nickel Mine to various consignees in China, including Sinosteel, Sichuan Jinguang Group and Tsingshan Steel Group. It expects to make more shipments of limonite and saprolite nickel ore in the balance of the year, and is already preparing its 9th, 10th and 11th shipments.
NI has down scaled its exploration and small scale mining operations since Q1 2009, as it waits for nickel prices to improve. It posted no revenues through the first semester of the calendar year while incurring php4.7 million in GAE. Nevertheless, a passive gain on the translation of a receivable worth php20.5 million resulted in a net income of php19.5 million through June 2011, completely reversing the php1.4 million loss sustained over the same period last year.
Source: SEC Form 17-A (2010), http://www.nihaomining.com, PhilStock