British miner in RP sets up another unit

MANILA, Philippines - Mining firm MTL Philippines, Inc. has obtained regulatory approval to establish a new unit. The new company, Woogle Corp., will engage in large-scale mining exploration and development, based on the articles of incorporation filed by MTL Philippines before the Securities and Exchange Commission (SEC). The firm, a subsidiary of Britain’s Metals Exploration Plc., did not say where the new firm intends to conduct operations. Efforts to reach company officials were unsuccessful. Woogle will have an authorized capital stock of P10 million composed of 100,000 shares, a quarter of which has been bought. MTL Philippines holds nearly a tenth of the shares. MTL Philippines holds an exploration permit for about 3,090 hectares in the village of Runruno in Nueva Vizcaya. Earlier this year, a study by the British firm estimated the site to contain 2.1 million ounces of gold and 36.6 million pounds of molybdenum, a mineral used to increase the strength of steel. MTL Philippiness is targeting production of up to 210,000 ounces of gold per year from the site. Metals Exploration also holds exploration permits in three Nueva Vizcaya towns totaling 14,000 hectares. In July, left-leaning legislators filed a resolution seeking a probe of alleged environmental destruction and human rights violations committed by Metals Exploration against tribal residents of Runruno who have opposed the exploration activities. — D.G.K. Carreon, BusinessWorld