The open-pit mining ban in South Cotabato, anti-mining sentiments, security risks and securing environmental permits remain the key stumbling blocks needing to be hurdled to bring the massive Tampakan copper-gold project to commercial stream, a company presentation released on Wednesday showed.
In its “Overview and update[d] investor presentation,” Indophil Resources NL said that despite the risks, it will aintain a direct and active interest in the development of the Tampakan project, the company’s flagship asset. Indophil holds a 37.5% stake at Sagittarius Mines, Inc., the Philippine company pursuing the Tampakan project, which is controlled by Xstrata Copper, the world’s fourth largest copper producer. The release of Indophil’s investor presentation came as the Aquino administration is in the process of coming out with a new mining policy. Indophil said it welcomes the engagement of the Philippine government “in brokering a solution,” apparently in reference to the challenges facing the Tampakan project. “We now have the government’s full attention via a mining policy review process,” the company claimed, adding that President Benigno S. Aquino III is due to report on it soon. The President was expected to unveil the new mining policy through an executive order. The Chamber of Mines of the Philippines (COMP) and the Joint Foreign Chambers of Commerce of the Philippines earlier raised the concern that the mining policy revision may scare foreign investors away.
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