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Premier eFinance: Philippine mining firm looking for partners for major gold-copper mine.
Unlisted Jake Mining Corporation says it is in talks with numerous foreign groups to develop a gold and copper prospect.
By: Premier eFinance
Exploration and development costs for the 950-hectare mining area inside the Diwalwal Mineral Reservation were originally estimated at $1 billion to $2 billion according to Eric Tagle, president and CEO of Jake Mining.
The Philippine company has permission to explore the area, about a tenth of the Diwalwal Mineral Reservation, including the site of the gold rush in the 1980s, after getting the approval of all four indigenous tribes in the area, as required by law.
Tagle informed Premier eFinance that Jake Mining Corp is in initial talks with listed firms from China, Canada, Australia, Singapore and the U.S. for partnership.
"They are all publicly listed," Tagle said. "China is the number one suitor," adding that the new mine has gold reserves with an average grade of 3 grams per tonne and copper at 13 percent.
The Philippines sits on an estimated $1 trillion of untapped mineral deposits, but foreign miners feel that contractual issues, governance, corruption and security make operating in the country difficult and so investment remains low.
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