MANILA Mining Corp. on Tuesday said discussions for a possible joint venture with Philex Mining Corp. on the Kalayaan copper-gold project in Surigao del Norte this year are moving forward.
“Discussions on the potential joint venture with Philex Mining on the Kalayaan Project are progressing well. We are working on the details of the arrangement and we anticipate that we should be able to finalize or conclude the agreement soon,” Felipe Yap, Manila Mining chairperson and chief executive, told reporters.
“Both parties wish to see the deal done as soon as possible,” Yap said, adding that he and Philex chairman Manuel Pangilinan have a “gentleman’s agreement” and that their respective legal teams are now finishing documentation.
Yap, however, refused to disclose the details of the deal, saying it would be “a matter of time.”
In a statement to stockholders, Yap said Manila Mining is very optimistic the project would push through within this year.
“While we are discussing the terms there are no more deal breakers. It is just a matter of documentation,” he said.
Manila Mining A shares advanced to P0.035 apiece on Tuesday from P0.034 the day before. Its B shares also rose to P0.037 from P0.037 over the same period.