Windfall From Fresh Mining Permits Bared

Windfall from fresh mining permits bared

By ELLALYN B. DE VERA, Manila Bulletin

6th June 2007

Environment and Natural Resources Secretary Angelo Reyes revealed yesterday that he has approved 12 mining permits that will bring in at least P224.7 million in investments for the country in the next two years.

Reyes, speaking before global mining leaders during the 7th Asia-Pacific Mining Conference and Exhibition at the Shangri-La Hotel in Makati City, said of the 12 permits, seven are mineral production sharing agreements (MPSA) and five are exploration permits (EP).

He said Hard Rock Mineral Trading Inc. received one MPSA for the exploration and development of nickel and cobalt deposits in Zamboanga City; three for East Coast Mineral Resources Co. Inc. to be operated by Cagdianao Mining Corp. for Loreto, Surigao del Norte and Libjo, Surigao del Norte; Holcim Philippines Inc. for the exploration and development of limestone in La Union; Apex Mining Co. Inc. for gold copper, silver, and zinc development in Compostela Valley; and Berong Nickel Corp. for the development of nickel, cobalt, chromite, and iron deposits in Palawan. Ivanhoe Philippines Inc. had one EP for the exploration of copper and gold in Bohol; Colossal Mining Corp., three EPs for exploration of magnetite sand in Cagayan, Laoag City, and Ilocos Sur; and Norte de Oro Mining and Industrial Corp. for the copper and gold exploration in Bukidnon.

The DENR chief said some P196.35 million in investments are expected from the initial exploration activities of six MPSAs, and P28.44 million in initial exploration funds for the five EPs.

"We are desirous in sustaining the growth momentum of our minerals industry and emphasize the strong desire of the government to revitalize a sector that we believe could serve as a development and growth driver for the economy," Reyes said.