Companies: BZT   

Followers of Bezant Resources, the gold and copper prospect in the Philippines with gold interests in Tanzania, expect developments soon over the AIM-quoted company’s Mankyan porphyry project, 240 km north of Manila.

These could involve the neighbouring Lepanto project and the Chinese mining giant Zijin, which paid £35 million for 20 per cent of Lepanto. Previous estimates saw a potential 1.9 billion lbs of copper at Mankyan at a grade of 0.52 per cent, with 2.9 million oz of gold at a low 0.54 grammes per tonne of ore, but the company hopes to have an updated, industry ‘JORC’-standard estimate next year, when it also hopes to present a full mining feasibility report.

Executive director Bernard Oliver, operations chief at fellow AIM miner Tanzanite One and project manager at Dwyka Resources, says some arrangement would significantly benefit the economics of both projects. Oliver, a South African, makes it clear that the Philippines is Bezant’s chief focus, although he also extols the merits of its Tanzanian interests.

The company has had an eventful history, starting as cash shell Vos Net and then being transformed into Tanzania Gold. That phase is over and chairman Gerard Nealon is steering the Philippine push. Oliver says the Philippines is mining friendly, with plenty of skilled and enthusiastic mining personnel.

At 81p, shares in Bezant are well down from previous highs in a market that prefers production to prospects. If present plans bear fruit, they should regain friends.

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