Manila Mining, Anglo-American in mining joint venture

Anglo-American Exploration Philippines Inc. is forging a joint venture agreement with Manila Mining Corp. to jointly pursue copper and gold exploration in Surigao del Norte, Environment Secretary Angelo Reyes said.

Reyes said the joint venture will acquire the Manila Mining’s Bayugo property in Surigao to compliment the mineral delivery of its current Boyongan copper-gold project with Philex Mining Corp.

“This would significantly increase the commercial viability of its Boyongan project that holds a 250 million metric ton mineral reserve,” said Horacio Ramos, director of the Mines and Geosciences Bureau.

Ramos said Ango-American has committed to conduct an feasibility study on the Boyongan copper project.

During an earlier study, the Boyongan deposit was estimated to have an inferred mineral resource of 219 million MT of combined sulphide and oxide with an average grade of 0.81 percent copper equivalent or 0.51 percent copper and 0.74 grams of gold per MT.

Oxide was placed at 99 million MT at 1.09 percent copper equivalent and sulphide and 120 million MT at 0.58 percent copper equivalent.

The London based company Anglo American Plc. has interest in 16 base metal (copper, nickel, zinc, niobium, titanium dioxide) operations in seven countries, particularly in Brazil, Chile, Ireland, Peru, South Africa, and Venezuela.

Source; www.abs-cbnnews.com