A copper-gold-silver mine in the Philippines is being purchased by associated companies Sphinx Mining (ME) and Mimiska Mining (ME). Total sale price to Minariel International, a subsidiary of the juniors, for the open pit mine on Negros Island (400 km southeast of Manila) belonging to Maricalum Mining Corp. is US$60 million.
Maricalum is owned by Asset Privatization Trust, which will retain a 20% equity position (worth US$12 million) in the mine. The juniors say the remaining US$48 million will be financed through a debt-asset swap arrangement; of this total, US$10 million will come from a Filipino partner in return for a 15% share.
Mine reserves (all classes) are reported to total 588 million tonnes grading 0.46% copper; minable reserves stand at 200 million tonnes of a similar grade.
The daily mining rate is 26,000 tonnes. An on-site flotation mill produces a concentrate which is shipped to Japan for smelting. The juniors say a selling contract for up to 90% of production is valid for the next five years. The recovery target for 1990 is 114 million lb. copper.
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