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(Sharecast News) - Copper-gold explorer and developer Bezant said on Friday that the Philippines Mines and Geosciences Bureau has renewed Crescent Mining Development Corporation's mineral production sharing agreement for a second 25-year term, with effect from 12 November 2021.
The AIM-traded firm said the renewal would be a "catalyst" for the development of the Mankayan Project, which it described as a "potentially world-class" copper-gold porphyry project.
Its interest in the Mankayan Project is via its 27.5% shareholding in Australian company IDM, which was established to support Crescent in developing Mankayan, with the remaining 72.5% owned by established investors in the mining sector.
Bezant said Crescent had started the feasibility study process, and engaged international firms with an in-country presence, as well as Philippine firms, to complete the scoping phase of the project and to plan a drilling campaign to assist with geotechnical studies.
"We are very pleased with the renewal of the MPSA for 25 years which will be a catalyst for the development of this world class copper gold porphyry project," said Bezant executive chairman Colin Bird.
"We are very confident that management in the Philippines supported by IDM have the experience and expertise to take the project forward through the next stages of evaluation and development which will significantly enhance the value of the project.
"We are also aware of the renewed focus of the Philippines since the lifting in August 2021 of the moratorium on new mining projects and the nationwide ban on open-pit mining method, in ensuring that the Philippines considerable mining resources are developed and play a significant role in the development of the Philippine economy in the post-Covid era."
At 1400 GMT, shares in Bezant Resources were up 2.86% at 0.18p.