Multi-project developer ECR Minerals PLC (LON:ECR) reminded investors today that it had not forgotten about its Danglay gold project in the Philippines.
The project is on the back-burner at the moment because of a dispute between the joint venture partners.
Tiger International presently refuses to acknowledge ECR’s 25% interest in the Danglay project and is not engaging with ECR to discuss the future of the project.
In response, ECR has appointed legal counsel to begin the process of enforcing the company’s rights in relation to Danglay either in court or through arbitration.
At the same time, ECR said it is still open to an amicable out of court resolution.
Notwithstanding the above action, the company is prudently mulling the carrying value of the Danglay project in the accounts.
“Although ECR’s operational focus remains on the Avoca and Bailieston gold projects in Victoria, Australia, and the SLM gold project in Argentina, the Danglay project with its NI 43-101 Mineral Resource remains a promising project,” said ECR’s chief executive, Craig Brown.
“The mining industry in the Philippines currently faces an uncertain operating environment; however, we remain hopeful that the situation may improve in future. Therefore whilst we advance ECR’s other projects, the directors are determined to protect ECR’s investment in the Danglay project and drive the project forward as far as possible,” he added.