The value of metal production in the country dropped by nearly a fifth last year due to taxation issues, delays in mining legislation that would pave the way for new projects, the suspension of some large operations and the continued opposition of certain sectors to various forms of mining.
The Department of Finance wants its two attached agencies—the Bureau of Internal Revenue and the Bureau of Customs—to curb the smuggling of gold out of the country and boost tax collection from the sale of the precious metal.
Gold prices clawed back some losses Tuesday after suffering their heaviest slump in 30 years triggered by weak Chinese growth data and reports Cyprus was planning to sell part of its reserves.
Solid gold can be deposited in Earth’s crust “almost instantaneously” during earthquakes, said a study published in the journal Nature Geoscience on Sunday.
Cadan Resources Corp. of Canada, whose underground mining project in South Cotabato has just gone commercial, is preparing to ramp up production to take advantage of high gold prices.
The Department of Environment and Natural Resources (DENR) on Tuesday allowed Philex Mining Corp., the country’s biggest copper and gold producer, to resume its mining operations for remediation purposes.
Among the more peculiar organisms that inhabit our Earth is a bacterium that turns water-soluble gold into microscopic nuggets of solid gold, scientists said Sunday.
Red Mountain Mining Ltd. of Australia expects an increase in drilling activities in the Philippines in the next few months after it unearthed a second high-grade gold system at its project site in Lobo, Batangas.
MANILA, Philippines—A gold-rich area in Surigao del Norte may soon be up for bidding, according to the Mines and Geosciences Bureau (MGB). This, if the company formerly in charge of exploration loses its hold on the asset. “The initial period for exploration is only 10 years. San Manuel Mining Corp. (SMMC), the company that [...]
The Bureau of Internal Revenue stands firm on its decision to collect taxes on gold sales despite growing opposition.
Gold sellers are actually paying less taxes than they should, according to chief revenue commissioner Kim Henares.
