The Philippines’ Jake Mining will develop a gold and copper prospect in southern Philippines at an estimated cost of $2bn.

The firm is in negotiations with seven to eight foreign groups to develop the 9.5km² mining area inside the Diwalwal Mineral Reservation, reports Reuters.

Jake Mining has received approval from the four indigenous tribes in the area, as required by law, to explore about a tenth of the Diwalwal Mineral Reservation, which includes the site.

The site has gold reserves with an average grade of 3g/t and copper at 13%.