The Mabilo gold-copper project in Camarines Norte took another step closer to operation as the mines bureau has issued its Environmental Clearance Certificate and renewed the exploration permit for the area, according to RTG Mining Inc.
The Australian firm said in a statement the issuance of the documents was “consistent with the (Mines and Geosciences Bureau’s) statement (last Jan. 21) to erase the exploration permit backlog by June 30.”
Last March, the MGB director Leo L. Jasareno said the effort toward zero backlog would result in either the approval or denial of the permit applications.
Citing a comment from Goldman Sachs Group, RTG Mining said the Duterte administration’s economic agenda “could further brighten the already positive macroeconomic outlook for the Philippines.”
“If correct, this will be an added boost for an economy already viewed as one of the world’s best performers, with growth exceeding China’s in the first quarter, at 6.9 percent,” the company said.
In May, RTG Mining said the Mabilo project can support a “high-grade, low-cost” gold-copper mine that pays back in two and a half years.
The West Australia-based company said Mabilo was tagged with an after-tax net present value of $126.7 million or some P6 billion, with a mine life of 10 years.
Indicated mineral resource (with sufficient existing data to reasonably assume geological and mineralization continuity) was pegged at 8.86 million tons containing 577,600 ounces of gold, and 169,800 tons of copper.
The Mabilo project is held in joint venture by Mt. Labo Exploration and Development Corp. and Galeo Equipment and Mining Co. Inc., with RTG holding an indirect interest through Mt. Labo.
The Mabilo project, with its near-surface deposit, is described as having a potential for direct shipping of ore in the early years of operation.
Open-pit mining is the method selected for the Mabilo mining operation, which is pencilled in at a minimum of eight years.
Environment Secretary Regina Lopez has, however, reiterated her aversion to open-pit mining, which she said could never be done in a responsible manner and would only cause suffering to people in host communities.