So, the stories that heavy machineries from the Lafayette mine in Rapu-Rapu have been moved to Masbate were true after all.
All right, this is admittedly very late news, outdated even. But this is just an updating on what should been posted here a long time ago. Our apologies, once again, for this blog's viewers, environmentalists and Lafayette people alike. More updating coming up...
Thursday, 27 March 2008
LEIGHTON Contractors has been awarded a six-year mining contract for work on the Masbate gold project in the Philippines .
Courtesy Leighton Contractors.
A trio of companies – CGA Mining, Filminera Resources and Philippine Gold Processing and Refining Corporation (PGPRC) – recruited Leighton under an alliance agreement to provide full mining fleet, other associated equipment, and mining and technical services to the project.
The Masbate project is on the island of Masbate , about 350km south of Manila , and is jointly owned by CGA, Filmnera and PGPRC.
The project has indicated resources of some 3.3 million ounces of gold and inferred resources of 1.77Moz.
CGA said Leighton was due onsite this month to begin construction work on Stage 1 of the main tailings facility embankment.
This work is expected to be completed by the end of August and Leighton will then start developing Masbate ’s openpit mining operations.
Operating in Asia since 1975, Leighton’s Asian contract works have an annual revenue of more than $US300 million.
CGA shares rose slightly to $1.98 before dropping to $1.96, while stocks in Leighton Holdings moved from $41 a share to $40.73 in morning trading.