Mine-exploration right owned by AsiaPhos unit expires

PHOSPHATE-MINING company AsiaPhos announced yesterday that a mine-exploration right owned by a wholly-owned subsidiary had expired on Wednesday - a development that could affect its performance this financial year.

In a statement, the Singapore-based company said the exploration right, belonging to Mianzhu Norwest, is for a 0.55 sq km plot in Mianzhu, in China's Sichuan province.

Mianzhu Norwest, which was preparing to convert the exploration right to a mining right, had applied to the Sichuan Land Department around last December to have the exploration area expanded to approximately 1.54 sq km.