The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.

Tuesday, 23rd August 2005 (3696 views)

Australasian Philippines Mining Inc has been given the go-ahead in the Philippines by the environment and natural resources government department.<br/><br/>The corporation is part of Australia's Climax Mining and aims to mine near Kasibu in the Didipio mine.<br/><br/>The Didipio mine is estimated to contain 1.6 g/t of gold in its probable 120 million tonnes of ores resource and its diluted resources contain a further 3.2 million tonnes at 2.5 g/t.<br/><br/>This is the first time that the Philippine government has granted a foreign company a financial or technical assistance agreement (FTAA).<br/><br/>Environment and natural resources secretary, Michael Defensor, has approved the Dipidio feasibility study and hopes that it will encourage further foreign investment in the area.<br/><br/>"We are very optimistic about this project because it is estimated that [the company] will infuse an initial capital investment of 79 million US dollars and post total revenue of 783 million dollars," he said. <br/><br/>If all goes to plan, mine construction could commence in January and production will start within two years.<br/><br/><img alt="logo" src='http://feeds.directnews.org.uk/feedtrack/logo.gif?feedid=196&itemid=15028431'/><br/>© Adfero Ltd

 

« Back to Gold News stories