China Daye to buy into Philippines-based iron & copper miner

16-Jul-2010 Intellasia | China Knowledge | 4:55 PM Print This Post

China Daye Non-Ferrous Metals Mining Ltd, formerly known as China National Resources Development Holdings Ltd, announced that it plans to buy some stake in an iron and copper mining firm in Philippines, thus to make it eligible to participate in the exploration work in a mining project in Davao Province, sources reported.

In a statement filed with the Hong Kong Stock Exchange, the company said that it has signed an intent letter with Philippines Alliance Mining International Ltd to acquire up to a 61% stake in latter.

If the stake acquisition successful, China Daye and Philippines Alliance Mining will jointly explore and develop mineral deposits in the Mati area and its surrounding regions, said the statement.

The financial details have yet to be decided, according to the statement.


Category: ResourceAsia

Print This Post

Comments are closed.