The Korean consortium of LG International Corporation and Korea Resources Corporation has purchased an additional stake in a copper and zinc-mixed mine on the island of Rapu Rapu, Albay province, Philippines and acquired the right of management.
Philco, a 60:40 joint venture established by LG International Corp. and KORES, signed a shareholder’s contract to buy a 44 percent stake in the Rapu Rapu mine on April 16, LG International Corp. said on Wednesday.
LG and KORES held a 15.6 percent stake and a 10.4 percent stake, respectively, in the Filipino mine which had been purchased in 2004. Australian Lafayette Mining Ltd. which had the remaining 74 percent stake in the mine recently sold a 44 percent stake to the Korean consortium and a 30 percent stake to MSC, a Malaysian refiner. As a result, LG Int’l Corp.-KORES has become the largest shareholder with a 70 percent stake in the mine so as to win the management right.
The Rapu Rapu mine has produced 11,000 tons of copper and 13,000 tons of zinc per year since February 2007.
The recent takeover secures not only the management right over the mine, but also distributorship for products from the mine, alluding to stable supply of nonferrous metals such as copper, LG International Corp. said.
Sun-young Park / KHS