British Firm Buys 30 Pct Stake In Southern Mindanao Coal Project

May 7, 2008 7:02 a.m. EST

Manila, Philippines (AHN) - British firm Dwyka Resources Limited announced on Wednesday it has acquired a 30-percent stake in the Daguma and Bonanza coal mining projects on southern Philippines.

In a disclosure sent to state regulator Philippine Stock Exchange, Dwyka said the project is expected to yield over 200 million tons of medium calorific value coal.

Said mineral deposits were suitable for both export and domestic power markets, the company said.

However, Dwyka said they will launch an aggressive drilling program to increase the capacity of the project.

It adds, it is still studying the option of owning both projects wholly.