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Thursday, 26th June 2008 (1321 views)

Two firms have agreed to a new joint venture that will see them explore the potential of a number of mineral claims on Masbate Island.

According to the Philippine Daily Inquirer, the island, which is 350 km south of Manila, is to be the setting for Geograce Resources Philippines and Vale Exploration Philippines' latest projects.

So far, seven mineral claims totalling 84,046 hectares of land have been identified.

Michael Defensor, GEO management services chair, said: "We are extremely pleased to become the first Philippine partner of Vale, which is not only one of the world’s biggest mining companies, but its success is strongly rooted in helping develop its home country, Brazil, into a natural resources superpower."

The newspaper notes that Vale is to provide $6 million over the course of the next three years to finance the exploratory projects.

Masbate is a V-shaped island, 30 miles south-west of the tip of Luzon.

The island's coastline meets the Sibuyan, Visayan and Samar seas.

 

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