MANILA – Anglo American PLC (AAUK) is looking for copper and gold in Apayao province in the northern Philippines, the Mines and Geosciences Bureau said.

The agency has already approved an exploration permit that would allow Anglo to look for minerals in the area, MGB director Horacio Ramos told reporters.

The approval follows Anglo’s decision to terminate an agreement with local mining firm Philex Mining Corp. (PX.PH). on joint exploration of the Boyongan copper-gold property in the southern Philippines, due to differences over how to proceed with the project. Anglo had sold its interest in Boyongan for $55 million.

“Even if they gave up and sold Boyongan for $55 million, Anglo isn’t going away. They are looking for a better area,” Ramos said.

Key officials of the company made such assurance in a meeting held last week with Environment Secretary Jose Atienza, said Ramos.

Aside from Boyongan, Anglo had also terminated an agreement with another local firm, Manila Mining Corp. (MMC.PH) to jointly explore the Kalayaan copper-gold property, which is adjacent to Boyongan.

-By Rhea Sandique-Carlos, Dow Jones Newswires; 632-848-5051; rhea.sandique-carlos [at] dowjones [dot] com
(END) Dow Jones Newswires