TAMBO GRANDE

Vancouver-based Manhattan Minerals' is terminating its arbitration process regarding the company's claim to the Tambogrande polymetallic property in Peru, reports BNamericas.com. Manhattan had originally planned to build a USD405 million base and precious metals mine at Tambogrande until Peruvian state mining authority Centromin terminated the company's option for the property, citing Manhattan's failure to meet certain conditions of the contract, including having a 10,000 t/d treatment plant and USD100 million in equity.

Vancouver-based exploration company Manhattan Minerals is pulling out of Peru forever after losing USD60 million in its failed Tambogrande polymetallic project, company CEO and president Dr Peter Guest told BNamericas.com. Manhattan had originally planned to build a USD405 million base and precious metals mine at Tambogrande but announced last week that its shareholders had approved a proposal to sell off all the company's Peruvian assets and interests, including all rights to Tambogrande and the Lancones and Papayo mineral properties.

BNAmericas.com reports Canada's Manhattan Minerals as saying that it will continue to explore in Peru but will also diversify its asset base and evaluate copper and gold project in other countries. This comes after state miner Centromin terminated in December Manhattan's option agreement to develop the giant Tambogrande polymetallic project in northern Peru's Piura department. Manhattan is appealing against the ruling.