Companies: CRC   

AIM newcomer Copper Resources Corporation plans to add an early-stage project in Central America to its existing operations in the Philippines and Namibia.

With ex-Tiny Rowland protégé and former Ashanti Goldfields boss Sir Sam Jonah in the chair, Copper Resources is taking the Philippines' Minoba An copper project towards a bankable feasibility and hopes prospects will be enhanced by the Manila government's newly friendly mining regime, endorsed by the country's Supreme Court. Executive vice-chairman Mitchell Allend and colleagues reckon Minoba An, on the island of Negros, could hold some two billion pounds of copper.

Copper Resources also has 60 per cent of the Haib copper deposit in Namibia, potentially containing 1.2 billion pounds. The company can increase its stake to 90 per cent by spending to develop the project.

Arguing that demand from China, India and elsewhere should keep copper prices firm for the long term, Copper Resources directors are tight-lipped at present about the third possible acquisition, in Central America. It is understood to be at an earlier stage than the other two, but with better grades.

The recent AIM sell-off of small exploration companies has taken a heavy toll at Copper Resources, which raised £3.4 million in April at £1 in a placing with CDL Securities as broker and Nabarro Wells as nominated adviser. The price has slumped to 49.5p and the shares remain speculative.