PMEA Blog

MANILA: Manila Mining won approval from the Philippine government to explore and extract minerals from an area that includes a planned development with Anglo American, the world’s second-biggest mining company.

Manila Mining, an affiliate of Lepanto Consolidated Mining, signed a so-called mineral production sharing agreement covering 5,000 hectares, or 12,355 acres, in the province of Surigao del Norte, which may have copper and gold resources, the company said in a statement to the Philippine Stock Exchange Monday.

Mining companies, including BHP Billiton, the world’s largest, are stepping up exploration in Asia and Africa to meet demand for raw materials from China. The Philippines aims to attract investment to benefit from its mineral wealth, which it estimates to be worth $1 trillion, and bolster economic growth.

Read More