Philex seeks return of Boyongan property from joint partner
Filed under: Mineral - Copper, Mineral - Gold, Operator - Philex
From: Inquirer.net
By Enrico dela Cruz
Thomson Financial
First Posted 11:43:00 02/26/2008
MANILA, Philippines — Philex Gold Philippines Inc. (PGPI), a wholly-owned subsidiary of Philex Mining Corp., said Tuesday it is seeking the return of the Boyongan copper and gold property in the southern Philippines from joint venture partner Anglo American PLC amid their dispute over the results of a pre-feasibility study on the project.
Anglo American’s study concluded that “a mining operation based on the currently defined resources, proposed mining and processing methods, assumed long-term copper and gold prices, and estimated capital and operating costs would not provide an acceptable rate of return on the project investment.”
“PGPI has differing points of view from Anglo on a number of assumptions and conclusions made in the pre-feasibility study,” PGPI told the Philippine Stock Exchange.
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