Wednesday, 20th July 2005 (3249 views)

Australia's Lafayette Mining has announced that it has poured the first gold at its project on the Philippine island of Rapu Rapu.

This makes it the first foreign-funded mine in the Philippines for 30 years.

The Rapu Rapu project is a polymetallic one, focused on the development of copper, gold, zinc and silver.

Managing director Andrew Mcllwian has told news sources that Lafayette hopes that the mine will generate US$300 million in revenue between now and 2011.

Gold production is expected to be around 50,000 ounces a year.

The government is encouraging investment in the mines, which, if successful, could provide funding for further opportunities in the Philippines.

Mr Mcllwain has previously been quoted as saying: "A lot of money has gone into exploration and lot of resources have been identified (in the Philippines) but no one has been able to get their way clear to accessing those minerals."

It seems that Lafayette have now been able to use these findings and make previous hopes into a reality.

 

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