The Philnico Industrial Corp. on Thursday said it is looking for new players as the $1 billion deal to revive one of Asia's largest nickel mines is facing collapse. Chinese investors and their Philippine counterparts encountered major disagreements over valuation and share ownership.

Philnico said the Chinese investors are seeking more time to review their offer for the revival of the mothballed nickel refinery and mining operations in Nonoc Island off Surigao City in the Philippines.

Philnico president Evaristo Narbaes Jr., said, "We are open to other options and we have received several offers from Japanese companies.

He said other companies from Russia and China have shown significant interest for the project.

Narvaez adds, "Our main concern is to protect the interests of our stakeholders, which is not only the stockholders of the company but also the interests of the country, the government, and the local community."

One sticky point is a disagreement over how much Philnico's $300-million obligation to the government would be worth once these are converted into shares in the rehabilitated firm.