456  SOUTHEAST ASIA MINERALS YEARBOOK—1988information.) 
 The Philippine Associated Smelting and Refming Corp. (PASAR) was owned by
the state-owned National Development Corp., 40%; a Japanese consortium led
by Marubeni Corp., 32°lo; local copper producers led by Atlas Consolidated,
23%; and IFC, 5%. PASAR planned to increase production by 25% at its 138,000-ton-per-year
smelter at Isabel in the central Province of Leyte. The expansion was expected
to cost $51 mulion and to be financed partly by the Japanese Government.62
A feasibility study conducted by PASAR indicated that project costs could
be recovered within 2 years. Expansion of the smelter would mean importing
copper concentrates to compensate for the limited supplies from local producers.

 The Philippines ranked 10th among world copper producers. According to the
Chamber of Mines of the Philippines, production of copper, by company, is
shown in the text table in metric tons. 63 
 
Company 
1987 
1988 
Atlas Consolidated Mining 
and Development Corp. 
81,049 
85,356 
Maricalum Mining Corp. 
40,606 
38,711 
Marcopper Mining Corp. 
23,933 
26,571 
Philex Mining Corp. 
23,618 
21,912 
Benguet Corp. 
19,153 
20,976 
Lepanto Consolidated Mining Co. Inc. 
~14 -116 
13,157 
North Davao Mining Corp. 
13,671 
11,406 
Total 
r215,015 
218,089 
' Revised. 
 
 
 GoId.—The country's largest gold producer, Benguet, planned to
extend
the remaining life of the Dizon Mine, 50% owned by Dizon Copper-Silver Mines
Inc. at San Marcelino, Zambales Province, by mining deep-seated ores. Benguet
expected the mining of these ores would increase the reserves from 21 million
tons of ore to 61 million tons of ore and would extend the mine life from
6 to 9 years. The projected cost of the project was $24 million. 
 Benguet began a feasibility study for switching from underground to surface
mining at its Antamok Mine, 20 kilometers from Baguio, Benguet Province.

~ If feasible, the mine would have a mine 
~ life of 13 years and would be in production by 1991 at the rate of 100,000
ounces of gold per year. 
~ Benguet Exploration Inc. awarded a 
~ contract to Australia's BHP Engineer- 
~ ing Ltd. to conduct a feasibility study for a gold-tailings-treatment plant
to be located in Boringot, Davao del Norte Province. The plant was to be
designed 
~ to treat the tailings of small-scale mines operating in the area and would
use the carbon-in-pulp and carbon-in-leach processes. 
~ Itogon-Suyoc Mines Inc., 54°lo owned 
~ by Benguet, planned to expand operations at its Itogon underground mine
at Itogon, Benguet Province, in 1989. 
~ At its gold-silver project at Aroroy on Masbate Island, Atlas Consolidated
conducted accelerated exploration at five main pre-World War II workings,

~ resulting in the expectation that the old 
~ Dabu-Panique Mine would come onstream early in 1989. Two other underground
operations in the area were also 
~ expected to begin production to help 
~ replace depleted near-surface reserves at the Masbate open pit operation.

 Far South East Gold Resources Inc. ~ was formed to develop a mine in Benguet
Province. Ore reserves were estimated at 163 million tons of ore grading
1 .76 grams of gold per ton. An average of 250,000 ounces of gold per year
was expected to be produced over ~ the life of the mine, the largest single
gold project in the history of the ~ Philippines.TM (See the Copper section
~ for additional information.) 
 Cultus Gold NL of Australia and its ~ Philippine affiliate, Alpha Resources
Development Corp. , identified a lowgrade, bulk-tonnage, epithermal gold
~ deposit in Camarines Norte in midyear ~ and further explored the prospect.

 Cultus Gold was awarded a contract at yearend by the Government to reprocess
an estimated 10 million tons of 
tailings, with a potential grade of 0.5 to 1 .5 grams of gold per ton at
the former Philippine Iron Mines at Larap, 185 kilometers southeast of Manila.
The mines were closed in 1974. Cultus Gold planned an evaluation program
for the first half of 1989 to determine the volume and grade of the tailings,
which were derived from processing magnetite from the mines. Under the terms
of the contract, Cultus Gold was awarded right of possession for reprocessing
in return for a 6°lo gross revenue royalty.65 
 Banahaw Mining and Development Corp. , owned by Muswellbrook Energy and
Minerals Pty. Ltd. of Australia and their Philippine partners, awarded a
contract at yearend for the design and management of the plant at a project
in Agusan del Sur on Mindanao Island. The plant was expected to treat 180,000
tons of ore per year to recover 30,000 ounces of gold. A batch carbon-in-pulp
plant had been operating at the site. 
 Dublin-based Kenmare Resources PLC signed an agreement with Government-owned
Planters Products Ltd. to heap leach a gold tailings deposit near Manila.
The deposit was estimated to contain 240,000 tons of material. Test work
began in August, and, should results be positive, leaching was scheduled
to begin early in 1989. 
 Gold production in the Philippines was ranked ninth in the world in 1988.
According to the Chamber of Mines of the Philippines, gold production by
companies and small-scale gold panners is shown in the text table, in troy
ounces.66 
 
Company 
1987 
1988 
Benguet Corp. (primary and byproduct) 
249,137 
275,302 
Atlas Consolidated 
Mining and 
Development Corp. 
(primary and 
byproduct) 
139,846 
143,640 
Philex Mining Corp. 
158,068 
137,890