Global Emerging Markets Limited, a $3.4-billion alternative investment group based in the United Kingdom, is investing a total of P2.9 billion in listed local mining firm Century Peak Metals Holdings Corporation (CPM).

In a disclosure to the Philippine Stock Exchange (PSE) Wednesday, CPM said it has executed an investment agreement with GEM Global Yield Fund Ltd. and Global Emerging Markets Investment Advisors Inc.

Under the agreement, GEM committed to subscribe to CPM shares worth P2 billion with CPM having the sole and discretionary option of deciding when and how many shares it will want GEM to subscribe.

The funding will be used mainly in the Century Hua Guang smelting project, a nickel-chromite smelting plant that CPM is building via a joint venture with the owners of Zheijiang Hua Guan.

Zheijiang is one of China’s top nickel pig iron producers which operates six smelting plants in various provinces in China, said CPM.

Nickel imports into China hit a record high in the recent months, noted CPM adding that it shipped 52,873 metric tons of nickel to China last month.

“We are pleased to have entered into this agreement and partner with the GEM Group. Their investment highlights the strong China-Philippines cross border investment opportunities, CPM being one of them,” CPM president Wilfredo Keng said.

He added that “GEM Globa Yield Fund is a welcome addition as an institutional investor into the company, given their global expertise and proven reputation in capital markets and structured transactions worldwide.”

Keng said CPM is also grateful to AO Capital Partners for having arranged this facility.