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 Interagency Mining Industry Coordinating Council (MICC) will finish its draft bill that will define the revenue sharing scheme between the government and private miners this May, Trade Secretary Gregory Domingo said.
Publicly listed Philex Petroleum Corp. has increased its stake in oil and gas exploration firm Pitkin Petroleum Plc to 50.28 percent from 18.46 percent.
Publicly listed Nickel Asia Corp. posted a 37-percent decline in its attributable net income last year to P2.2 billion, from the P3.54 billion it registered in 2011, due to weaker nickel prices in the global market and a stronger peso.
Indophil Resources NL of Australia is considering disposing of its mining exploration projects to focus on the Tampakan copper-gold project where it has a minority stake.
Life goes on in the town of Narra in Palawan after the successful clean-up program implemented by Citinickel Mines and Development Corporation, Inc. (CMDC) on areas affected by the silt spill from its mines’ silt ponds.
The question now on the Sabah issue is one on human rights. Whether the Philippine or Malaysian governments like it or not, the Sabah issue will remain an irritant between them, flaring up now and then, exposing both to international scrutiny.
The heads of several Benguet municipalities that host the country’s biggest mining firm want Congress to provide their communities with direct access to revenues derived from mining royalties.
In view of the rising demand for nickel in the world market, Citinickel Mines and Development Corp. (CMDC) is set to increase its daily output from 10,000 wet metric tons (WMT) to 14,000 WMT within the year.
The government resumed acceptance of applications for new mining permits on Monday and had some 126 by afternoon, according to the Mines and Geosciences Bureau (MGB).
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.
Shrugging off volatile markets and a controversial revamp of the country’s mining policy, most international mining firms continue to be bullish on their prospects in the Philippines.
