EXPLORATION & DEVELOPMENT

Bezant Resources secures Singapore funding for Philippines copper-gold project

Bezant Resources has secured funding for its Philippines copper-gold project via Singapore.

Staff Reporter
 Bezant Resources has secured funding for its Luzon copper-gold project in the Philippines

Bezant Resources has secured funding for its Luzon copper-gold project in the Philippines

Located to the north of Manilla on Luzon island, Mankayan has an indicated resource of 1.1 million tonnes of copper and 3.7 million ounces of gold. The project is owned by Asean Copper, a subsidiary of Bezant Resources. 

"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 in Asean Copper and a potential additional indirect minority interest in the project via a shareholding in a Singapore listed entity," said Bezant chief executive Laurence Read.

Under the deal, Singapore-based private company Mining and Minerals Industries Holding (MMIH) would acquire the stake in Mankayan through its wholly-owned subsidiary MMJV. 

MMIH has itself previously entered into a separate agreement to sell "certain mining assets in the Philippines" to China Hongxing Sports (CHX), a public company listed on the Singapore Stock Exchange. According to SGX rules, the deal would, if successfully completed, constitute a reverse takeover by CHX.

"Management have done well to secure funding to advance the Mankayan project in the Philippines. The next trick will be to secure funding for the Zambian assets where we would expect there to be considerable interest from other mining companies and major investors," said SP Angel. 

Bezant Resources shares nearly tripled on Monday on the back of the news, rising from 0.13p at the end of last week to 0.31p on Monday morning. The company's market capitalisation is £2.24 million.

 

 

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.