Business
FTAA Approval
FTAA Approval.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n RNS Number : 5524B Metals Exploration PLC 29 October 2009 \n \nMETALS EXPLORATION PLC\nFTAA SIGNED BY ORDER OF THE PRESIDENT OF THE PHILIPPINES\nMetals Exploration Plc (\"Metals Ex\" or the \"Company\"), the natural resources exploration and development company with assets in the Pacific Rim region, is pleased to report that its Financial or Technical Assistance Agreement (\"FTAA\") for the Runruno gold-molybdenum project on the island of Luzon in the northern Philippines has been signed by order of President Macapagal-Arroyo, President of the Republic of the Philippines. \nHighlights:\n\n\nFTAA signed by Executive Secretary Eduardo Ermita on the authority of the President\n\n\nProvides a stable investment regime for project development and subsequent operation \n\n\nEnsures security of title for 25 years, renewable for a further 25 years\n\n\nMetals Ex retains rights to 100% of the project\n\n\nTax holiday for up to 5 years following commencement of production until Metals Ex has recovered its pre-operating expenses and investment\n\n\nArbitration, if needed, conducted in Singapore at the Singapore International Arbitration Centre (SIAC)\n\n\n\nJonathan Beardsworth, Managing Director, commented: \n\n\"This award of the FTAA is an enormous breakthrough for the Company. It secures our legal title to Runruno for 25 years, with an option to extend for a further 25 years. The FTAA clearly sets out our rights and obligations in respect of Runruno and will allow us to continue project development with reinforced confidence. It should also materially alleviate any concerns there may be as to country risk, since it is a contract at law between ourselves and the Government and cannot be terminated, save as provided in the contract. Furthermore it clearly establishes the right to 100% ownership of the project and any arbitration, should it be needed, will be conducted offshore at the Singapore International Arbitration Centre (SIAC). \n\n\"We are most grateful for the support received throughout the FTAA application process from Secretary Lito Atienza and his staff at the Department of the Environment and Natural Resources; Director Horace Ramos and his staff at the Mines and Geosciences Bureau; Secretary Peter Favila and his staff at the Department of Trade and Industry; Philip Romu...