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Monday, 26th March 2007 (2884 views)

Anglo American has agreed to provide funding for the exploration of a gold and copper project in the Philippines.

The UK-listed mining giant will pay $20 million to fund the exercise.

In exchange, Anglo will acquire a 40 per cent stake in the Kalayaan project, which is owned and operated by the Manila Mining Corporation.

The company said that it hoped exploration of the project would reveal scope for further development.

Anglo said that if its feasibility study was successful it would make further funds available and increase its stake in the project to 60 per cent.

As well as gold and copper, the company also has interests in platinum group metals.

Despite being prone to earthquakes, the Philippines is rich in mineral resources and is seeking foreign investment to help make the most of its natural assets.

The country was once among the region's most promising economies but has, in recent years, slipped into a fiscal malaise with millions of Filipinos living in poverty.

 

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