In 1995, London Fiduciary Trust, later renamed Philippine Gold (PGO), had a 40% interest in FRC. Atlas mined the Masbate gold deposit from April 1980 to 1994. There was no significant renewal of mining activity until 1979, when Atlas Consolidated Mining and Development Corporation developed the Masbate Gold Operations (MGO), built a mill and associated infrastructure, started an openpit and, later, underground mining. Ore is sourced from a number of pits that will be developed during the life of the mine.īrief History: The Masbate Consolidated Mining Company was formed in 1936, incorporating several of the smaller mines at the project and operated until 1941, with mining ceasing during the war. PGPRC and FRC work together contractually and cooperatively to operate the mine.īrief Description: Masbate is an openpit mine that is projected to produce up to 190 000 oz/y of gold over the current mine life of 15 years, with the potential to extend beyond current projections given the exploration upside. The remaining 60% of FRC is owned by Philippine-registered company Zoom Mineral Holdings. Through 100% controlled subsidiaries, B2Gold owns 40% of Filminera Resources Corporation (FRC) and 100% of Philippine Gold Processing & Refining Corporation (PGPRC), the owner of the mineral processing facility. Holding and Controlling Company: B2Gold acquired its interest in the Masbate mine through its acquisition of CGA Mining in January 2013. Location: The Masbate mine is located in the Aroroy municipality on Masbate Island, in the Philippines.
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