MANILA - A foreign miner has placed a performance bond as part of its application to have a Financial or Technical Assistance Agreement (FTAA) with the government for its mining project in the Philippines.
"Metals Ex (Metals Exploration Plc) submitted a bond of P175 million," mines bureau chief Horacio Ramos told reporters.
He said the bond was posted while waiting for the conversion of its exploration permit (EP) into a Financial or Technical Assistance Agreement (FTAA).
This extension shall automatically terminate upon the approval of the conversion of the EP to an FTAA.
Ramos said that DENR Secretary Jose L. Atienza, Jr. has endorsed to President the application of Arroyo Metals Ex to convert its exploration permit in Runruno, Nueva Vizcaya into an FTAA.
The gold and potential molybdenum The London-based company focuses on mining opportunities in the western Pacific Rim region. Aside from Runruno, other projects in the Philippines are in Dupax and Sulong. It also holds interests in the Capaz, Puray, and Worldwide projects located in the Philiphines; and Waigeo Island project located in Indonesia. Its projects are potential for copper, zinc, silver, nickel, molybdenum, and gold deposits.
The company was founded in 2004.
FTAAs allow 100%foreign ownership in large mining projects with an initial capital of at least $50 million.
The Philippine government has so far approved 3 FTAAs.