MANILA - Intex Resources ASA plans to raise funds for a $2.4 billion nickel project in the northern Philippines possibly through bank loans or a bond issue in early 2010, the president of the Oslo-listed miner said on Tuesday.

Erlend Grimstad also said development of the nickel project in Mindoro province, with estimated reserves of more than 2 million tons of the stainless steel ingredient, is likely to start in 2011.

"We will probably go to the market by the beginning of 2010 for the project financing," Grimstad told reporters on the sidelines of a mining conference.

"There are various sources of financing and at this stage, I don't think it's wise for the company to rule out any opportunity. The international financing sector is picking up."

He declined to say how much the company was planning raise.

Three-month nickel on the London Metal Exchange has risen 43% this year to just below $17,000 a ton, aided by optimism the global economy is on the mend.

A definitive feasibility study is expected to be completed this year.