What it owns
MMIH has itself previously entered into a separate agreement to vend certain mining assets in the Philippines to China Hongxing Sports Limited (CHX), a public company listed on the main board of the Singapore stock exchange.
The consideration payable by MMIH comprises an initial funding package of US$2.25mln, plus further funding of up to US$5.5mln subject to the renewal of licencing agreements with the Philippine government.
MMIH will also issue of USS$10mln of shares in CHX to Bezant, subject to the successful completion of the abovementioned RTO Transaction.
Bezant also a small project in Argentina at Eureka where work is underway on environmental permits, which should be completed in the second quarter.
Here, like Mankayan, Bezant is looking for a partner to take the project forward.
In April, Bezant made a move into Zambia, where for a spend of US$200,000 it has an option over the Buffalo copper project.
A review of the historic data and site visit suggests that the steeply-dipping target shear zone is open at depth and to the southwest into the Buffalo hill.
Mapping of the pit and surrounding area is now planned alongside sampling and trenching, which might lead eventually to a drill programme.
One of the key elements of this further work will be to compare the data obtained from the site visit with the known characteristics of the existing mining operations in the region, said Bezant.
What the boss says: CEO Laurence Read
"The Mankayan project is a significant copper-gold property and this agreement enables us to secure funding to progress the project whilst generating value for the company and its shareholders going forwards from a 20% shareholding.”
- Exploration at the Buffalo prospect in Zambia
- New partner at Mankayan moves forward with its development
- Improving fiscal regime for mining in the Philippines
BHP has suggested 105 kilogrammes of copper could be required in the manufacture of every electric car.
That would suggest future copper demand for use in electric vehicles at something like 12mln tonnes per year, or more than half of the current global market for refined copper.