TVI, Dacon to explore Zamboanga copper mine

The local unit of Canadian miner TVI Pacific, Inc. and Consunji-led Dacon Corp. have signed a deal to jointly explore and develop a copper mine in Zamboanga del Norte. Under the deal, TVI Resources Development (Phils.) and DACON will form a 70-30 joint venture in favor of TVI Resources, which will operate the greater Canatuan tenement in the Southern province. The partners will pour in $2 million to fund the exploration program in the next two years, TVI Resources said in a statement. "We view this as a first step in establishing a long-term relationship with an important Filipino conglomerate," TVI Resources Chairman Cliff James said. "In addition to having an important presence in the Zamboanga Peninsula, our new partner has a number of mineral properties around the country for which our combined talents could prove mutually beneficial over the longer term," he added. Dacon is part of the DMCI group, which owns businesses in construction, coal mining, power generation, infrastructure, real estate and manufacturing. — GMANews.TV