PMEA Blog

From: Manilastandardtoday.com

LG International Corp., the trading arm of South Korea’s fourth-biggest industrial group, and several other companies are in talks that may lead to an investment in the Rapu Rapu copper project.

“We hope to get a firm offer from some of the parties by next week,” said Ken Fung, a manager at Ferrier Hodgson, the administrators appointed last year by the mine’s main backers, Australia’s Lafayette Mining Ltd., after failing to pay off debt. “Half a dozen” companies were in talks, Fung said.

South Korea, which imports 97 percent of its energy and minerals needs, is increasing investments in overseas resource projects to secure supplies as prices gain. Copper, used in pipes and wires, has advanced 23 percent this year.

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