East Asia Minerals is in addition to the other foreign companies that have signified their intention to enter into a joint venture with Manila Mining. The others include another Canadian company Ivanhoe Mines Ltd. and Anglo-American Plc.
Manila Mining expects to conclude an agreement with a foreign partner within the year.
The company’s operations remain suspended in the third quarter.
Manila Mining, however, managed to post a modest income during the period.
Expenses amounted to P27.67 million, representing amortization of the tailings dam and depreciation and administrative expenses and salaries (P7.1 million).
For the nine months ending September this year, total expenses reached P90.54 million.
Manila Mining’s other mining projects include the Anislagan and Macalaya area near Boyongan, Surigao del Norte and the so-called Corridor, which is located north of the Anglo American-Philex deposit.
The company’s principal activity is the exploration and mining of gold, precious and semi-precious metals, ores, minerals and their by-products. Its products are gold-in bullion and copper concentrates.
There has been renewed strong interest in the Philippine mining industry after the Supreme Court upheld the constitutionality of the Mining Act, which allowed foreigners to wholly-own large scale mining projects in the country.
The Philippine government has approved a minerals development action plan intended to put on stream 23 major mining projects.
With the revitalization of the mining industry, it is projected that mineral exports could reach $1 billion a year from $800 million last year.