Cadan Resources Corp (fka CXD)

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Japan, Korean companies eye mining

By MELODY M.AGUIBA

Japanese firm Pan Pacific Copper (PPC) and Korean firm LG International (LGI) are in talks with Australian firm Climax Arimco Mining Corp. (CAMC) for a possible investment into its $117-million copper-gold project in equity or in the form of offtake contracts expected to be finalized by yearend.

Robert Thomson, chief executive officer of CAMC parent firm Climax Mining Ltd. (CML), told a press briefing CML is opening talks for investments in its copper-gold project in Brgy. Didipio within Nueva Vizcaya and Quirino.
"LG and Pan Pacific are interested in taking both equity and off-take agreements. These companies are interested in investing now that we have government confirming our feasibility study (FS)," he said.
Thomson said he is pleased that serious investors are coming to the country.
"We’re pleasantly surprised how many groups want to invest in the Philippines. They’re the best of the best. Pan Pacific has demonstrated long commitment in Philex Mining’s Padcal. The Koreans have also invested into Lafayette’s Rapu Rapu project in Bicol, he said.
"Japanese and Koreans want copper, and what better place to find it than in the Philippines. It has the most copper in this part of the world," he said.
The CML chief said the Philippines is rich in mineral resource and is highly attractive because its resource has been barely tapped.
"People are very attracted to the Philippines. Why? Because its mining prospects have been underdeveloped compared to countries like China, Thailand, Vietnam, and Laos. If you look at Chile, it has similar level of mineralization. My country, Australia, is not more mineralized, but it’s one of the world’s richest countries because of mining. But you are well-endowed," he said.
Thomson said the Supreme Court’s having upheld the Mining Act is indeed the key to luring investors.
"The first thing investors look for in mining is security. With the mining law’s reaffirmation, security is established. You have huge opportunity. The basis for the information on volcanic activity in the Philippines is the same basis for discovering mineral resources. You just have to look at the benefits it will bring to your nation," he said.