Gold Fields’ Philippine mine cost seen up to $2 bln-govt
Filed under: General News, Mineral - Gold
MANILA, Sept 21 (Reuters) - South Africa’s Gold Fields Ltd could invest up to $2 billion to develop a gold and copper prospect in the Philippines, a government official said on Wednesday, although the company said it was far too early for such estimates.
Gold Fields, the world’s fourth-largest gold producer, said on Wednesday it had made a $66 million downpayment for an option to acquire a 60 percent interest in the undeveloped Far Southeast gold-copper project.
“Their initial disclosure to us, assuming the due diligence is successful, they are looking at $1.8 billion to $2.0 billion investment budget,” said Leo Jasareno, director of state agency Mines and Geosciences Bureau.
That cost covered exploration to full development, he said.
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