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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (38472)	6/11/2009 8:21:13 PM
From: LoneClone	Read Replies (1) \| Respond to of 195465

Firms submit bids for RP Diwalwal gold site Reuters \| 06/11/2009 7:16 PM abs-cbnnews.com MANILA - Three Philippine companies submitted bids on Thursday to develop a gold and copper prospect on Mount Diwalwal in the southern Mindanao region, a senior official said. The winning bid would be announced after two to three weeks. Before Thursday, bidding for the 1,620-hectare property near the gold rush area on Mount Diwalwal, which has attracted many small-scale miners, had failed twice as prospective bidders found the terms too steep. State-run Philippine Mining Development Corp. slashed the first-year commitment fee for the Upper Ulip-Paraiso property a third time to P15 million ($313,349) to attract investor interest, said Virgil Adan, head of the bidding committee. The agency initially set the commitment fee at $1.5 million during the Dec. 3 auction and cut it to $500,000 at the March 31 bidding with no available estimate on the site's reserves. Listed firm Omico Corp. in partnership with Asia Alliance Mining Resources Corp. was among the three bidders, said Adan. The other two were unlisted CNMC Mining and Development Corp. and Paramina Earth Technologies Inc., he said. The Philippines sits atop an estimated $1 trillion in mineral wealth but only $2.1 billion has been invested into the mining industry since 2004 when a court ruling allowed foreigners to own 100 percent of large-scale mining projects. Communist insurgencies and disputes with local partners have slowed projects of big companies like global miner BHP Billiton and Xstrata, both located in Mindanao. On Tuesday, data showed the government had lowered its mining investment target this year to just over $600 million from an earlier goal of between $800 million to $1 billion with slow initial inflows.