Manila Mining Says In Copper Jv With Anglo AmericanPublished by MAC on 2007-01-24
Source: Creamer's Mining Weekly ()
Manila Mining says in copper JV with Anglo American
Creamer's Mining Weekly
24th January 2007
Manila Mining Corp. said on Tuesday it was in joint venture talks with a unit of South Africa's Anglo American Plc. to explore its Bayugo copper-gold prospect in southern Philippines.
"We confirm that the proposed joint venture project between Manila Mining Corporation and Anglo-American covers about 285 hectares," Odette Javier, assistant corporate secretary of Manila Mining, said in a disclosure to the local stock exchange.
Javier said the proposed exploration budget for the pre-feasibility phase was at least $20 million.
Bayugo is adjacent to the Boyongan copper deposit, located in Surigal del Norte province, that is being planned to be developed by Anglo American and local partner Philex Mining Corp.
The government's Mines and Geosciences Bureau previously said the Boyongan lode has an estimated ore reserve of 300-million tons, with 0,6% copper and 1 g/t of gold.
In October 2005, Anglo American said it was looking to explore next to its Boyongan copper deposit because developing a larger mine was more cost effective.
"A joint venture between Anglo American and Manila Mining in Bayugo will ensure the operation of both mining areas," an official at the Mines and Geosciences Bureau told Reuters.
The Boyongan project is one of 24 priority mining ventures identified by the Philippine government and is estimated to cost a total of $6,5-billion to bring into commercial production.
The government has said the Philippines is sitting on top of $1-trillion worth of unexplored mining reserves and that it is trying to attract foreign investors to help develop the mining industry.