South African mining giant halts new investments in Felipe Yap's North Luzon project

Felipe Yap

Lepanto Consolidated Mining Chair & CEO 

South African mining giant Gold Fields is scaling back future investments in the northern Luzon project of businessman Felipe Yap’s Lepanto Consolidated Mining Co. after funding exploration works for over a decade.

On Tuesday, Lepanto said that Gold Fields terminated their 2010 agreement allowing the international mining group to increase its 40 percent stake in Far Southeast Gold Resources to 60 percent. 

Far Southeast Gold Resources controlsrights over a gold and copper project in Mankayan, Benguet.

“The exploration program, sole-funded by Gold Fields, has resulted in an inferred mineral resource of 19.8 million ounces of gold and 4.6 million tons of copper,” Lepanto said in the filing.

Permit renewal hangs 

Gold Fields earlier said it acquired a 40 percent stake in the project for $230 million. 

Far Southeast Gold Resources, incorporated in 1989, is a mining company that has yet to start operations.

Lepanto recorded losses of P107.5 million in 2023. It in a recent financial filing it is working to secure consent from the indigenous communities of Mankayan, Benguet to renew its mining permit.