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The Philippines is the fifth-most endowed country in the world in terms of mineral resources and is home to some of the world’s biggest under-exploited deposits of gold and copper. It also benefits from one of the most liberal mining regimes in the region. The Mining Act of 1995 allows for 100% foreign-equity participation through Financial and Technical Assistance Agreements (FTAAs) with local miners. In addition, the Filipino government has in recent years sought to promote foreign mining investment by providing various tax and non-tax incentives and has established the Mineral Development Council to assist foreign investors in expediting access to mining projects. Mining investment in the country has steadily increased in recent years, with the Filipino Chamber of Mines forecasting an estimated US$1.55 billion of mining investment in 2008 and US$2.76 billion in 2009 (compared with an estimated US$350 million in 2007). The Chamber, the Department of Environment and Natural Resources and the Mines and Geosciences Bureau predict that the contribution of mining exports to the Philippines’ total export figures will continue to increase year-on-year over at least the next three to five years.
Mankayan Project
The Guinaoang porphyry copper/gold deposit (The Mankayan Project) is situated in the Mankayan-Lepanto mining district of the Philippines, an area of established copper and gold mining and considered to be one of the country’s major porphyry copper belts. The Mankayan-Lepanto area has been mined for centuries and is accessible by both road and air.
The deposit is located approximately 240km north of Manila and 6km east of the copper/gold mine owned and operated by Lepanto Consolidated Mining. Since its discovery in the early 1970s, extensive drilling (more than 45,000 metres in 48 holes) and metallurgical work has been undertaken by Goldfields Asia Ltd, Pacific Falkon and others.
Based on historical analysis of 33,000 metres of drilling, the resource is estimated to be more than 166 million tonnes, with 1.9 billion pounds of copper and 2.9 million ounces of gold.
In 1996, Crescent Mining and Development Corporation, a Filipino company in which Bezant’s wholly-owned subsidiary Asean Copper Investments Limited holds a 40% interest (with the right to acquire the remaining 60% for minimal consideration), was granted a Mineral Production Sharing Agreement (MPSA) in relation to the property. The MPSA – essentially the equivalent of a mining licence – covers an area of 534 hectares.
Crescent has commenced a 2-year exploration program on the Mankayan Project to further define the resource, which will include:
The overall budgeted cost for the program is US$3,000,000.
For recent announcements and other news in relation to the Mankayan Project, click here.
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