AsiaPhos mines gains, expands exploration area
It inks deals to take over full economic benefits of its mines
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PHOSPHATE miner AsiaPhos has entered into a raft of agreements to take over the full economic benefits of its existing mines, as well as expand its exploration area in Sichuan, China.
The firm has various cooperation agreements with Mianzhu Dashan Mining Co Ltd (Dashan) involving joint mining operations in certain areas and also the division of profits and losses for three out of seven adits (entrances to underground mines) owned by the group.
Profits accruing to Dashan are now recognised as costs of production, amounting to about 3.6 million yuan (S$724,900) last year. These are set to rise as the group increases production, AsiaPhos said yesterday.
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