Bezant Resources sees cost savings at Philippines mine

Copper-gold explorer Bezant Resources has unveiled lower costs for a project in the Philippines, boosting its shares.Bezant said a financial and technical review had shown that it could reduce costs at its Mankayan scheme by $307m, compared to a study completed in 2011.The report also showed that expected production could be increased by changes to the design of the mine.Chief executive Bernard Olivier said: "The generation of these revised cost estimates and updated financial model in respect of the 2011 scoping study will facilitate our ongoing potential sale/JV discussions with third parties interested in progressing our Mankayan project."The independent review reports have identified significant cost savings and improved economics for what was already a highly robust copper-gold project."Shares rose 2.5p or 60.6% to 6.62p at 15:30 in London.