MINERS RECORD PROGRESS IN PROJECTS
Listed mining firms have made progress in their projects owing to government’s friendlier stance on the sector’s operations.
Nickel Asia Corp. (NAC) secured an extension and renewal of mineral production sharing agreements (MPSA) for two of its subsidiaries.
Philex Mining Corp.’s P11.2- billion Silangan copper-gold mine in the region is seen generating economic activity for Surigao del Norte as it starts development next quarter.
In a disclosure to the Philippine Stock Exchange, NAC said the first 25-year MPSA of Hinatuan Mining Corp. has been extended for 15 years from March 2, 2022.
Suspension of Hinatuan’s operations in a 1,165- hectares (ha) area in Manicani Island, Guiuan, Eastern Samar has also been lifted.
NAC said Cagdianao Mining Corp.’s MPSA has been renewed for another 25 years from the expiration of the first 25-year term this November. The MPSA covers a 697.0481-ha area in Valencia, Cagdianao in Dinagat Islands.
Meanwhile, the local government of Surigao del Norte expressed optimism about positive contributions of the operations of Philex subsidiary, Silangan Mindanao Mining Co. Inc. (SMMCI)
The company will begin development of the copper and gold mine in the second quarter of 2022 and expects it to begin commercial operation in early 2025.
Surigao del Norte Gov. Francisco Matugas, said the long-delayed development of Silangan mine is also a welcome development for the province that has been affected by the pandemic and typhoon Odette.
Mike Toledo, SMMCI chief operating officer, said the mining project will generate direct and indirect employment for around 8,000 people and raise about P86.7 billion in investments.
Toledo added the project which secured tax holidays from the Board of Investments is also estimated to bring in P38 billion in government receipts throughout its 28-year mine life.