Dec 102016
 
(From left) Vice President and Housing and Urban Development Coordinating Council Secretary Maria Leonor V. Robredo, Cabinet Secretary Leoncio B. Evasco, Jr., Executive Secretary Salvador C. Medialdea, Department of Foreign Affairs (DFA) Secretary Perfecto R. Yasay, Jr., and Department of Justice (DOJ) Secretary Vitaliano N. Aguirre II, attend the Cabinet Orientation Workshop at the Premier Guest House in Malacañan Palace on July 11,Monday. (MNS photo)

(From left) Vice President and Housing and Urban Development Coordinating Council Secretary Maria Leonor V. Robredo, Cabinet Secretary Leoncio B. Evasco, Jr., Executive Secretary Salvador C. Medialdea, Department of Foreign Affairs (DFA) Secretary Perfecto R. Yasay, Jr., and Department of Justice (DOJ) Secretary Vitaliano N. Aguirre II, attend the Cabinet Orientation Workshop at the Premier Guest House in Malacañan Palace on July 11,Monday. (MNS photo)

MANILA, Dec. 6 (PNA) – Secretary of Foreign Affairs Perfecto R. Yasay, Jr. is in Moscow to talk to Russian Foreign Minister Sergey Lavrov on how both ministries would undertake the preparations for the proposed visit to Russia of President Duterte next year.

The bilateral meeting came at the heels of the meeting between President Rodrigo Roa Duterte and Russian President Vladimir Putin on the sidelines of the APEC Summit in Lima, Peru.

In a statement Tuesday, the Department of Foreign Affairs said on Monday, the two foreign ministers also discussed the current state of bilateral relations and the prospects to enhance cooperation on a broad ranges of areas, spanning the political, security, economic, cultural and people-to-people spheres.

They both agreed to redouble efforts to conclude a number of agreements that would form part of the legal framework on which to build relations.

They also discussed regional and global issues including the priorities of the Philippine chairmanship of ASEAN in 2017, regional security architecture and UN issues.

This is the first visit to Russia of Secretary Yasay.

In the joint press conference held after the bilateral meeting, Secretary Yasay emphasized that this engagement is part of the continuing effort which build on the previous visits to Russia of Philippine foreign secretaries to strengthen Philippine-Russia bilateral partnership.”

Apr 142014
 
Glencore mulls Tampakan fate after sale of Peru stake

MANILA, Philippines – Commodities giant Glencore Xstrata Plc has finally sold its interest in Las Bambas mine in Peru, clearing the way for the company to determine the direction of its other copper assets such as the troubled Tampakan copper-gold project in Mindanao. Glencore has sold its entire interest in the Peruvian copper mine for $5.85 billion to a Chinese consortium composed of MMG Limited, Guoxin International Investment Corp. Limited and Citic Metal Co., Ltd. Glencore sold Las Bambas to secure the approval of Chinese anti-trust authorities for its merger with Anglo-Swiss miner Xstrata as copper-hungry China feared the merged entity would have considerable control over the world copper supply. The sale, which is expected to close in the third quarter of 2014, is still subject to the approval of state regulators as well as the shareholders of MMG Limited. Prior to the sale, Glencore has expressed interest in divesting its majority interest in the $5.9 billion Tampakan project consistent with its preference not to develop greenfield projects. The Tampakan project was initially included in the list of other copper assets projects that may be disposed of in the event that the Las Bambas mine is not sold. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Glencore’s minority partner in the project, Indophil Resourses NL, has expressed interest in acquiring full ownership of Sagittarius Mines Inc. (SMI), the operator of the prospective mine. Glencore holds a 62.5 percent interest in the the project operator Sagittarius Mines Inc. (SMI) while Read More …

Jul 112013
 
EDC allots $66.3 M for Chile, Peru projects

MANILA, Philippines – Lopez-led geothermal firm Energy Development Corp. (EDC) is spending roughly $66.3 million for its projects in Chile and Peru. EDC would spend $58.3 million for its projects in Mariposa in Chile and the remaining $8 million for its Peruvian projects, the company said in a disclosure to the Philippine Stock Exchange (PSE) yesterday. EDC’s investments in the project form part its joint venture agreement with Alterra Power Corp., a Canada-based energy company for geothermal projects in Chile and Peru. The company announced in June that under a shareholders’ agreement for the Mariposa project in Chile, EDC would acquire 70 percent interest in Compañía De Energia (Enerco). Enerco is an Alterra subsidiary in Chile that owns the Mariposa project. Alterra will continue to hold a 30 percent interest in Enerco through its wholly owned subsidiary Magma Energy Chile Limitada, subject to the terms of the shareholders’ agreement for the Mariposa project, EDC added.  “The terms of the project agreements call for EDC to fund the next $58.3 million in project expenditures in the Mariposa project and $8.0 million in project expenditures for all the Peruvian projects to top up Alterra’s past development costs,” EDC said in its disclosure. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For the Mariposa project, the agreement contemplates implementing an agreed work plan that will further develop the Mariposa Project by building infrastructures over the next 18 months, EDC also said. For the Peruvian projects, proponents would conduct various exploration surveys over the next Read More …