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"Anglo is exercising its option to terminate its farm-in agreement, dated March 26, 2007 for the exploration of the Kalayaan project," Manila Mining said in a disclosure to the Philippine Stock Exchange.
The Kalayaan property, which covers 286.6 hectares, is located in Placer, in Surigao del Norte province.
Manila Mining said that Anglo, which spent $10.8 million on the Kalayaan project, isn't entitled to repayment of any exploration expenses on the property.
Its local unit, Anglo American Philippines Holdings B.V., had entered into a joint exploration project with Manila Mining as an extension of its Boyongan copper-gold prospect. At that time, Anglo was undertaking prefeasibility on Boyongan, which was adjacent to the Kalayaan property, with another local company, Philex Mining Corp. (PX.PH).
Due to different ideas on how to proceed with the project, Anglo had sold back to Philex its interest in Boyongan for $55 million.
Anglo couldn't immediately be reached for comment on the Kalayaan project.
-By Rhea Sandique-Carlos, Dow Jones Newswires, 63-918-9014158; rhea.sandique-carlos@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=6NlmY0aFxCN%2F%2BlgX8%2BRclQ%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
11-11-08 0107ET
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