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mining firm Geograce Resources Philippines Inc. is
eyeing a partnership with one of South America’s mining
giants for the exploration of copper mines in Masbate.
A source
privy to the talks said in an interview Geograce is
expected to close the deal with the foreign firm in a
month’s time. The source did not reveal the identity of
the foreign company but hinted that it is engaged in the
sale and export of iron ore, manganese and gold.
“From
what I know, this foreign company, is ready to invest
$26 million [P1.1 billion] for the copper-mining
project,” he said.
The
Masbate mining site has an area of 60,000 hectares, with
potential reserves that based on initial studies could
last up to 30 years.
“The
main challenge here is to work against time to take
advantage of the rising metal prices,” the source said.
For instance, nickel per ton to date is priced $33,300,
while copper is $3,800.
The
Geograce group is also bent on putting up processing
plants to complement its mining sites in Zambales and
Misamis Oriental.
The
company was incorporated as La Suerte Gold Mining Corp.
in April 1970, primarily to engage in the exploration,
exploitation and development of mineral resources, and
to purchase, lease and acquire mining claims and
concessions anywhere in the
Philippines.
In May
1995 its stockholders approved the realignment of the
company’s main business activities from that of a mining
company to that of an investment-holding company. In
line with this, the stockholders approved the change in
the company’s name from La Suerte Gold Mining Corp. to
Global Equities Inc. (GEI).
As a
holding company, it invested in and/or managed companies
engaged in the manufacture of absorbent cotton, and
personal care products and in the provision of
specialized corporate facilities for end-users.
In
October 2006 it amended its articles of incorporation
and changed its corporate name to Geograce and its
primary purpose to a mining company.
Geograce
is currently looking at acquiring at least 12 mining
tenements in various parts of the country, specifically
those with potential nickel laterite deposits. |
