Oct 21 (Reuters) - Philippines' Global Ferronickel Holdings Inc says in a statement

* Signs "memorandum of cooperation" with China's state-owned Baiyin Nonferrous Group Co Ltd

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* Baiyin may provide financing for Global Ferronickel's Ipilan mine project in Palawan

* May partner with Baiyin on value-added downstream projects, including stainless steel plant in Philippines

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* Stainless steel plant will have 1 million tonnes annual capacity using low-grade nickel Source text for Eikon: bit.ly/2ebHJi1 Further company coverage: (Reporting By Enrico Dela Cruz)