MAC/20: Mines and Communities

Friedland invests in Philippines

Published by MAC on 2005-01-05

Friedland invests in Philippines

Paul Garvey, Mining News Net

January 05, 2005

Robert Friedland's Ivanhoe Mines has wasted no time in establishing a presence in the Philippines, entering into an agreement with one of the nation's largest resource companies just weeks after meeting with President Gloria Arroyo and other senior government officials.

Friedland met with Arroyo in early December, following the Philippines Supreme Court's ruling allowing full foreign participation in the nation's mining ventures.

Ivanhoe has gained, in return for a $3 million loan, priority negotiation rights to the projects of Philippines gold producer Lepanto Consolidated Mining Co.

According to an announcement from Lepanto, the priority right will be valid until the loan facility, which will attract 3% per annum interest, is paid in full.

Lepanto is one of the Philippines' oldest mining companies, having been established in 1936 as a copper producer. It is currently among the nation's largest producers of gold, copper and silver.

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