Mar. 3, 2010
THE Mines and Geosciences Bureau (MGB) has approved 13 new mining agreements under the minerals production sharing agreement (MPSA) in January and February 2010.
An MPSA is a contract between the national government and an investor or investors that allows 40-percent foreign ownership and 60-percent local ownership of a mining project.
In January the MGB approved three mining tenements for gold, copper and silver production, while in February the bureau approved 10 new mining contracts.
The mining contracts approved last month were for the production of minerals such as nickel, silica, chromite, magnetite, limestone, gold, copper, zinc and silver.
The first two mining tenements approved under MPSAs granted in January are located in Agusan del Norte, while a third is located in the municipality of Siayan and Bayog, Zamboanga del Norte and Zamboanga del Sur.
The tenement holders granted new MPSAs in January were Lamberto Lim, Crisnorman Linconada and Pen Cheng Metallic Resources Corp.
In February mining contracts were awarded to tenement holders Jorge P. Tan, Solid Earth Development Corp., Mina Tierra Gracia Inc., Ramon Perlas, Edgar Lim, Apo Land and Quarry Corp., San Dominico Minerals and Industrial Corp., Oro East Mining Co. Inc., South Davao Development Co. Inc. and North Dinagat Mineral Resources Corp.
Currently, there are around 300 approved MPSAs since 1990 but only four contracts were granted under the financial and technical assistance agreement (FTAA).
An FTAA is a mining agreement with the Philippine government that allows 100-percent ownership of a mining project. The approved FTAAs include those granted to OceanaGold Phils. Inc., Sagittarius Mines Inc., Agusan Minerals and Petroleum Corp. and FCC Mining Corp.
The MGB remains confident that the approved projects will significantly contribute to the mining investment target of $13 billion in 2013. In 2010 minerals production is seen to gross $2.95 billion.
The indicative value of exported minerals in 2010 is estimated at $2.8 billion, which is 5.4 percent higher than the $2.72 billion estimated in 2009.
Major investments for 2010 include the Sumitomo Metal Mining Co. Ltd. HPAL project in Surigao del Norte. Japan s Sumitomo is expected to invest $800 million this year for a $2.25-billion nickel-processing plant.
Since 2000 investments in the mining sector has already reached $2.78 billion. It has the potential to reach as much as $13.48 billion in investments in 2013.
THE Mines and Geosciences Bureau (MGB) has approved 13 new mining agreements under the minerals production sharing agreement (MPSA) in January and February 2010.
An MPSA is a contract between the national government and an investor or investors that allows 40-percent foreign ownership and 60-percent local ownership of a mining project.
In January the MGB approved three mining tenements for gold, copper and silver production, while in February the bureau approved 10 new mining contracts.
The mining contracts approved last month were for the production of minerals such as nickel, silica, chromite, magnetite, limestone, gold, copper, zinc and silver.
The first two mining tenements approved under MPSAs granted in January are located in Agusan del Norte, while a third is located in the municipality of Siayan and Bayog, Zamboanga del Norte and Zamboanga del Sur.
The tenement holders granted new MPSAs in January were Lamberto Lim, Crisnorman Linconada and Pen Cheng Metallic Resources Corp.
In February mining contracts were awarded to tenement holders Jorge P. Tan, Solid Earth Development Corp., Mina Tierra Gracia Inc., Ramon Perlas, Edgar Lim, Apo Land and Quarry Corp., San Dominico Minerals and Industrial Corp., Oro East Mining Co. Inc., South Davao Development Co. Inc. and North Dinagat Mineral Resources Corp.
Currently, there are around 300 approved MPSAs since 1990 but only four contracts were granted under the financial and technical assistance agreement (FTAA).
An FTAA is a mining agreement with the Philippine government that allows 100-percent ownership of a mining project. The approved FTAAs include those granted to OceanaGold Phils. Inc., Sagittarius Mines Inc., Agusan Minerals and Petroleum Corp. and FCC Mining Corp.
The MGB remains confident that the approved projects will significantly contribute to the mining investment target of $13 billion in 2013. In 2010 minerals production is seen to gross $2.95 billion.
The indicative value of exported minerals in 2010 is estimated at $2.8 billion, which is 5.4 percent higher than the $2.72 billion estimated in 2009.
Major investments for 2010 include the Sumitomo Metal Mining Co. Ltd. HPAL project in Surigao del Norte. Japan s Sumitomo is expected to invest $800 million this year for a $2.25-billion nickel-processing plant.
Since 2000 investments in the mining sector has already reached $2.78 billion. It has the potential to reach as much as $13.48 billion in investments in 2013.
