C00942-2017

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Feb 21, 2017
2. SEC Identification Number
ASO94-03992
3. BIR Tax Identification No.
003-871-592
4. Exact name of issuer as specified in its charter
Global Ferronickel Holdings, Inc.
5. Province, country or other jurisdiction of incorporation
Makati, Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
7F Corporate Business Center, 151 Paseo de Roxas cor. Arnaiz St. Makati City Postal Code 1228
8. Issuer's telephone number, including area code
(02) 519 7888
9. Former name or former address, if changed since last report
Southeast Asia Cement Holdings, Inc.
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
common shares 2,334,640,312
11. Indicate the item numbers reported herein
9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Global Ferronickel Holdings, Inc.FNI

PSE Disclosure Form 4-30 - Material Information/Transactions References: SRC Rule 17 (SEC Form 17-C) and
Sections 4.1 and 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

FNI asserts compliance with rehabilitation fund guidelines
Background/Description of the Disclosure

FNI reports that Platinum Group Metals corporation (PGMC) received on 20 February 2017 the DENR's Show-Cause Notice (“SCN”) of 13 February 2017, directing it to “show cause why [it] should not be held liable for violation of [Section 71] of the Mining Act [on the creation and deposit of a mine rehabilitation fund].” According to the SCN, the “records of the Mines and Geosciences Bureau show that [PGMC has] a deposit of 56,490,098.00 out of a commitment of PhP 1,259,670,677.00 for the FMRDF …” The figures quoted in the SCN misstate the documentary evidence and overlook the onsite validation contained in the DENR Mine Audit Team 10 Report (the “Audit Report”) for PGMC.

The Audit Report, which finds PGMC “compliant with the policies, environmental laws, rules and regulations of the Philippine Mining Act,” attaches an “MGB Checklist” with corresponding “Remarks” under “Parameters, II. Environmental Funds, C. Final Mine Rehabilitation and/or Decommissioning Fund (FMRDF)” stating that PGMC has “up-to-date bank certification/statement,” having “deposited a total amount of 56,658.436.63 for its Final Mine Rehabilitation and Decommissioning Fund under Account Number 0850-030315-160 (See Annex 8)” as of the 3-11 August 2016 audit. The Audit Report also confirms that the Final Mine Rehabilitation and/or Decommissioning Plan for the Cagdianao Nickel Expansion Project was approved by the Contingent Liability and Rehabilitation Fund Steering Committee (CLRFSC) on October 2, 2013 with Certificate of Approval Number 107-2013-04 (Annex 2).” (MGB Audit Rating Sheet, Parameters, I. Regulatory and Technical Standard Requirements, B. final Mine Rehabilitation and/or Decommissioning Plan [FMR/DP]). Contrary to the expanded commitment in the SCN, the Certificate of Approval of FMR/DP issued by the MGB shows that the total FMRDF of PGMC is “Seventy-Four Million Five Hundred Ninety-Three Thousand Six Hundred Seventy-Four Pesos (₱74,593,674.00). This is consistent with PGMC’s “Schedule of Deposits for the FMRDP Fund” included in the approved FMRDP of the Cagdianao Nickel Expansion Project, which also contains a total commitment of “74,593,674”. As of 06 February 2017, PGMC has a total deposit of ₱68,654,777.08. PGMC intends to deposit in full the remaining amount, which has yet to fall due under the relevant schedule.

Equally important, the Technical Review Committee that the DENR formed to evaluate the Audit Report did not find any violation or liability on the part of PGMC and did not recommend any penalty.

Contrary to social media pronouncement and previous reports, the SCN is not a closure order. PGMC will submit its reply to the SCN in due course.
Other Relevant Information

Attached is the DENR Show Cause Letter
Filed on behalf by:
Name Eveart Grace Pomarin-Claro
Designation Assistant Corporate Secretary, Alternate Corporate Information Officer