Philippines Gold Assets

In the Philippines, the Red 5 group holds interests in the Siana and Mapawa gold projects, both located in the Surigao del Norte region on the island of Mindanao, which is a highly prospective and established mining province.

The Siana Gold Project is located within the Siana Mineral Production Sharing Agreement (MPSA).

Mining and processing activities at Siana were suspended in April 2017 pending an improvement in operating conditions in the Philippines.

Prior to the suspension, the deposit was mined by open pit methods, with a plan to transition to underground mining following completion of the open pit. Underground mine development has commenced, with 445m of development completed and portals and important surface infrastructure established.

During the period of suspension, environmental and regulatory compliance at Siana is being maintained, including community relations and de-watering of the open pit.

The Mapawa Project hosts a significant gold-copper porphyry prospect and represents a strategic development and growth opportunity, located approximately 20km north of Siana.

Key highlights in the Philippines include:

  • A Mineral Resource inventory totalling 1.1Moz across the Siana and Mapawa gold projects. See our latest Annual Report for JORC 2012 Resource and Reserve tables.

  • A conventional modern 1.1Mtpa gravity and Carbon-in-Leach processing plant located on-site at Siana to produce gold doré.

  • Significant open pit and underground mine development and mining and processing infrastructure in place.

  • Large exploration landholding in one of the most mineralised provinces in the Philippines

The Red 5 group is evaluating its preferred plan and options for its gold assets in the Philippines, including a revised mining strategy for the Siana open pit mine and required funding for the potential future recommencement of operations. An important part of these considerations will be the current Philippine Government’s mining policy.