Some projects have undergone feasibility studies and are now completing requirements prior to their construction and development. The more advanced projects are as follows:

Rapu Rapu Polymetallic Project

A copper-gold-silver-zinc mining and mineral processing project in Rapu Rapu Island, Albay to be developed with an investment of US$ 42 Million. The project will be operated by Rapu Rapu Minerals, Inc. It is expected to generate an annual revenue of US$ 41 Million from the sales of copper-zinc concentrates and gold-silver bullions. Explored under the management of Lafayette Philippines, Inc., the project has now advanced towards the construction and development stage. The gold plant is expected to be in operation by February, 2005 and the base metal plant by July 2005. The project is a joint venture of Rapu Rapu Minerals, Inc., Lafayette Mining NL of Australia, Lafayette Philippines, Inc. and TVI Resource Devt (Phils.), Inc.

Palawan Nickel Processing Project

A US$180 Million project involving the establishment of a High Pressure Acid Leach (HPAL) nickel processing plant in Bataraza, Palawan - a pioneering technology in low grade nickel ore processing. The plant is contemplated to produce 10,000 tons nickel and 750 tons cobalt annually in the form of mixed sulfides with an estimated value of US$53 Million per year. The plant is scheduled to be debugged this September, 2004 and full operation is expected by early 2005. The project is a joint venture among Rio Tuba Nickel Mining Corp., a local mining firm and three foreign Japanese companies, namely: Sumitomo Mining & Metals Corp.; Mitsui Co., Ltd.; & Nissho Iwai Corp. of Japan. The joint venture company is Coral Bay Nickel Corporation.

Masbate Gold Project

A US$100 Million gold-silver mining and mineral processing project in Aroroy, Masbate. The project site is the former mine site of Atlas Consolidated Mining Development Corporation which was further explored and re-assessed by Filminera Resources Corporation. Initial studies by Base Metal Minerals, Inc. show that the property has a potential to produce 138,500 ounces of gold per year. Filminera has just completed its final confirmatory drilling and is now finalizing the preparation of a bankable feasibility study. It is expected to come on stream by 2006.

Nonoc Iron Fines Project

This is a US$ 7 Million project of Pacific Nickel Philippines, Inc. involving the disposition of the iron-rich tailings materials from the former nickel refinery at Nonoc Island, Surigao del Norte. The project is projected to generate annual revenue of about US$ 16 Million from the export sales of the iron fines to Mainland China. The project is expected to start commercial production this year.

Didipio Copper-Gold Project

This is a copper-gold mining and mineral processing project of Climax Arimco Mining Corporation in Kasibu, Nueva Viscaya. The project is covered by the first Financial or Technical Assistance Agreement (FTAA) under the Executive Order No. 279. Its initial feasibility study shows that the project can be developed at an initial investment US$ 63 Million generating an annual revenue of US$ 50 to 60 million. The area was found to contain 1 million ounces of gold and 126,000 metric tons of copper. The company has recently renewed its Environmental Clearance Certificate (ECC) and is now finalizing its revised project feasibility study. Arrangements for its financing is currently on going.

King King Copper-Gold Project

A copper-gold-silver project of Benguet Corporation and National Development Corporation located in Pantukan, Davao del Norte. Initial studies on the project showed that it is capable of producing a total of 2 billion pounds of copper concentrate, 466 million pounds of copper cathode, 4 million ounces of gold and another 4 million ounces of silver with total estimated value of US$ 4 Billion and requiring an initial capital investment of US$ 531 Million. The company is updating its feasibility study for the mining and mineral processing of its oxide ore, and epithermal gold.