S. Koreans May Restart Copper Mine
The Philippines is most likely to grant a green light for operations to begin again at the South Korean-owned Rapu copper and zinc mine. The mine is 30 percent owned by Malaysia Smelting Corp Bhd and 70 percent owned by Korea Resources Inc. and LG International Corp.
The Rapu Rapu mine, the first fully foreign-owned mine to open in the country after the Supreme Court allowed foreigners up to 100 percent ownership of projects, was shut for more than a year after cyanide spills in 2005.
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Once it resumes production, the Rapu Rapu mine is forecast to generate annual revenues of $350 million from yearly production of around 11,000 tonnes of copper and 13,000 tonnes of zinc. ($1=47.5 pesos)
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Wed, Oct 15, 2008
Post by Mike Rodger, Copper Reporter