Lafayette ready to ship after resuming copper production
Email Print Normal font Large font Luzi Ann Javier
March 15, 2007
AUSTRALIA'S Lafayette Mining, the first overseas company to run a copper mine in the Philippines after investment rules were relaxed in 2004, will next month send its first bulk shipment since the project reopened.
The company will export 2000 tonnes of copper concentrate and 3000 tonnes of zinc concentrate from its mine on the island of Rapu Rapu, Albay province, 350 kilometres south of Manila, Bayani Agabin, a spokesman at the Lafayette Philippine unit said yesterday.
The mine closed in November 2005, four months after starting operations, following two cyanide spills from the tailing dam to island creeks. It was allowed to resume full operations on February 8. Overseas companies are developing mines in the Philippines amid surging demand for metals driven by China.
The shipment will be sold by LG International, the trading unit of South Korea's fourth-largest industrial group, Mr Agabin said, declining to name a buyer. LG International owns a stake in Lafayette's Philippine unit.
"We've begun to ramp up production and our processing plant is now running on 90 per cent capacity," Mr Agabin said. "We're keeping our full year production target."
The company plans to export an equivalent of 18,000 tonnes of copper this year, Alfredo Non, president of Rapu Rapu Minerals, which runs the Lafayette mine, said on February 5, without giving a target for zinc shipments. Previous shipments of zinc were sold by LG International to Korea Zinc, the world's biggest smelter of the metal, Mr Agabin said. The copper concentrates were sold in China, he added.
The company was allowed to resume full production after passing tests to gauge its environmental safety compliance
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