Following a strategic review, London-listed Bezant Resources PLC said March 22 that it is renewing its focus on copper-gold assets in Argentina and the Philippines, citing a positive copper outlook.
"The copper price over the last 12 months has risen consistently and we believe that the mid- to long-term potential for copper will be strong," Bezant CEO Laurence Read said in a statement.
"With two existing copper assets in our portfolio and contained tonnage of copper in excess of 800,000 tonnes from the Mankayan project alone, we shall now seek to identify and assess opportunities to advance this major project."
Along with the Mankayan copper-gold property in the southern Philippines, Bezant also owns the Eureka copper-gold project in Argentina.
Meanwhile, negotiations are continuing with potential partners for the company's Choco gold-platinum operation in Colombia, which achieved commercial production in August 2017. Bezant is re-evaluating the Choco property to assess its overall potential contribution to its performance.
The company also reported the issuance of 30,944,445 new ordinary shares at 45 British pence apiece to settle fees due to its Colombian mining contractor and to settle outstanding fees owed to some current and former directors and officers.
In addition, Read and Edward Nealon, the company's former chairman, agreed to waive all outstanding fees and expenses, totaling £37,558 as of end-2017, to help Bezant preserve cash.