South African mining firm in talks with Atlas

First posted 05:58am (Mla time) Sept 15, 2006
Agence France-Presse

http://news.inq7.net/archive_article/index.php?ver=1&index=1&story_id=21115

SOUTH AFRICAN firm MRI Resources AG Pty Ltd. said Thursday it was in talks with copper producer Atlas Consolidated Mining and Development Corp. on a possible financing deal.

Atlas is in the process of reopening a shuttered copper mine near the city of Toledo in the central Philippines province of Cebu.MRI has had initial "business talks" with Atlas, said Bill Jade, an official at the South African firm who is currently taking part in an investment tour of the Philippines.
"Our investment will be focused in financing," Jade said, without elaborating.

MRI has investments around the world, mainly in copper and zinc operations.

"Investing in the Philippines, especially in the mining sector, looks so lucrative," said Ian Harebottle, the president and chief executive of South Africa's Tanzaniteone Ltd. who is also touring the Philippines. "Our mining tours to the different mining firms are impressive."

Environment and Natural Resources Secretary Angelo Reyes said the Philippines is now "in the midst of a mining revitalization program."
The government has identified 23 mineral development projects which are expected to bring in 6.5 billion dollars in investments in the medium term, he noted.

The Supreme Court last year ended a seven-year legal dispute over the constitutionality of the Mining Act by ruling that foreign investors were freely allowed into the industry.