DJ Philippine Rapu Rapu Mine Restarts;Ships 3,300 Tons Of...

DJ Philippine Rapu Rapu Mine Restarts;Ships 3,300 Tons Of Copper


Last update: 4:41 a.m. EST Feb. 20, 2009
MANILA, Feb 20, 2009 (Dow Jones Commodities News via Comtex) -- Philippines' Rapu Rapu polymetallic project, controlled by South Korean companies, completed its first shipment of 3,300 metric tons of copper concentrate and 2,000 tons of zinc concentrate, after it recently resumed operations, the country's mines and geosciences bureau said Friday.
The Rapu Rapu mine, located in the central part of the country, resumed commercial operations in October last year following a year-long suspension of its mining activities. The shipments of copper and zinc concentrate were made in January, documents obtained from the agency showed.
The mine is controlled by South Korea's LG International Corp. (00120.SE) and Korean Resources Corp., which together own a 70% stake.
Rapu-Rapu, previously owned by Australia's Lafayette Mining Ltd. (LAF.AU), initially started operations in July 2005 but stopped work in November the same year following two incidences of cyanide spill.
It resumed operations in February 2007 but was forced to stop in November of the same year following damage to some of its facilities by a typhoon.
Financial difficulties prevented work from restarting, prompting the government to take over the property.
LG and Kores eventually acquired Lafayette's stake, and the remaining 30% is owned by Malaysia Smelting Corporation Bhd.
Rapu-Rapu is expected to yield an annual output of 10,000 metric tons of copper, 50,000 ounces of gold and 14,000 tons of zinc and 600,000 ounces of silver.
The mine is estimated to have resources of 4.4 million tons, at 1.54% copper, 2.74% zinc and 2.78 grams of gold/ton.