Bloomberg reported that Cia Vale do Rio Doce has agreed to spend USD 6 million exploring seven mining claims with Geograce Resources Philippines Inc in Masbate province.

Mr Arsenio Cabrera Junior, corporate information officer of Geograce said that Vale will explore claims covering 84,046 hectares in Masbate about 300 kilometers south of Manila.

He added that CVRD will have the option to form a joint venture with Geograce to own, develop and operate the mine.