MANILA, Philippines - CGA Mining, which runs a gold exploration project in Masbate, is currently exploring a partnership with a refiner either based in Hong Kong or Switzerland.
The chosen partner will refine the output from its $250 million gold project, the single-largest investment on the island, which is expected to produce as much as 200,000 ounces gold yearly.
But nothing final has been decided yet, a company official who refuses to be identified.
“It could be Hong Kong or any other refiner for that matter," the official told reporters during a technical presentation at the Mines and Geosciences Bureau (MGB).
Last month, the company and its Filipino partner, Filminera Resources Corp. held a soft launch of its plant, indicating the official commencement of operations.
Built by Leighton Contractors Asia Ltd., the four million per metric ton (MTPA) facility can be expanded to gradually hike throughput to five MTPA after the second year to meet its production targets.
Besides having a total indicated resource base of 4.55 million ounces, the project has a total inferred resource base of 3.22 million ounces, and a probable reserve of 3.03 million ounces of gold.
The project has a mine life of 9.5 years with low grade dumps available after that based on its reserves.
CGA, which is listed in both the Australian and Toronto Stock Exchanges (TSE), is in the process of completing a study for the plant’s expansion.
The company fully owns Philippine Gold Plc, which has a 40 percent stake in Filminera. - GMANews.TV