The Co-O gold mine in Agusan del Sur where Philippine company Philsaga Mining Corp. has majority stake will increase its gold production to 100,000 ounces per year starting 2010. Australia's Medusa Mining Ltd., Philsaga's partner, owns 40 percent.
About $10 million will be spent on top of $30 million already invested to get the expansion going, Philsaga president Samuel Afdal and Medusa managing director Geoffrey Davis said.
Philsaga is already set to bring production up to 60,000 ounces by the third quarter of 2009 from about 40,000 ounces.
The Co-O mine is estimated to have a mine life of 8 years but the officials said it could turn out to be longer.
Medusa said it is also building 16-bed hospital at the Co-O mine site and six new class rooms for the Manabo village serving the mine site.
Both are expected to be completed by June or July.
Afdal said the Co-O mine employs 1,400 people, mostly located around the mine site.
Davis said the employment ultimately benefits 5,000 to 6,000 people including relatives of the employees.
as of 03/19/2009 2:37 PM
*If there is no real demand for this commodity, then mining companies would not be producing more. As demand increases, this will drive the prices up, up and away, and No, it ain't Superman.
kuyks, the business coach is still not commentable. maybe you disabled the comment feature. i cant express my thoughts! waah!!! andami pa naman sana... hehehe
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