Geograce ties up with RP unit of global mining giant
Geograce Resources Philippines Inc. has signed an agreement with Vale Exploration Philippines Inc., the local subsidiary of the second-largest metals and mining company in the world, to jointly explore for gold and copper on an 84,046-hectare site in Masbate Island.
Under the agreement, Vale
Geograce, for its part, will take charge of securing permit approvals and community relations on the project.
The company said the exploration project covers seven mineral claims which are adjacent to the Aroroy gold mine being developed by CGA Mining of Australia, which has already established a significant mineral resource base.
According to Geograce,
“The island has a previous history of gold mining dating back to the 1980s and is once again attracting interest for its mineral resources,” Geograce said in a statement issued yesterday.
“We are extremely pleased to become the first Philippine partner of Vale. Vale is not only one of the world’s biggest mining companies, but its success is strongly rooted in helping develop its home country
Geograce president Jerry Angping, for his part, said Vale’s interest in the
Vale is the world’s largest producer of iron ore and iron ore pellets, the world’s second-largest producer of nickel and one of the world’s largest producers of manganese ore and ferroalloys. Vale also produces bauxite, alumina, aluminium, copper, coal, cobalt, precious metals, potash and other products.
To support its growth strategy, Vale is actively engaged in mineral exploration efforts in 21 countries around the globe. Vale operates large logistics systems in
Since 2007, to the present, Geograce has spent more than $5 million on early-stage exploration and assessment of promising mining claims throughout the
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