Philippines Likely to Endorse Three Mining Firms

20 September 2009 (Last Updated September 20th, 2009 18:30)

The Philippine Government is planning to endorse three major mining companies looking to start exploration projects to encourage more investment in the country. The Department of Environment and Natural Resources (DENR) will support three large-scale miners with financial and technical

The Philippine Government is planning to endorse three major mining companies looking to start exploration projects to encourage more investment in the country.

The Department of Environment and Natural Resources (DENR) will support three large-scale miners with financial and technical assistance agreements (FTAA), according to abs-cbnnews.com.

Norway's Intex Resources, Canada's MBMI Resources and Lepanto Consolidated Mining are the three prospective FTAA holders.

Intex Resources is looking to develop a nickel site in Mindoro, while MBMI Resources is interested in an Alpha mining project in Palawan and Lepanto wants to develop the Far Southeast project in Benguet province.

The Philippines has three FTAA holders at present. Xstrata holds an agreement over for Tampakan gold-copper mine, OceanaGold for the Didipio gold-copper project and Agusan Petroleum and Mining for iron and copper project in Occidental Mindoro.