MANILA -The Mines and Geosciences Bureau (MGB) has issued an exploration permit for listed mining firm Benguet Corp.’s gold project in Zamboanga Sibugay province, allowing the company to proceed with its planned activities to boost production.
In a stock exchange disclosure on Wednesday, Benguet, which operates gold and nickel mines, said the exploration permit also covered the drilling of the San Francisco vein.
According to Benguet, the project is located around 150 kilometers from Zamboanga City and straddles the common boundary of RT Lim in Zamboanga Sibugay and Siocon in Zamboanga del Norte.
“The company has an operating agreement with the claim owner, Oreline Mining Corp., to explore and operate the property,” it said.
Mining companies are required to secure an exploration permit from the MGB, an attached agency of the Department of Environment and Natural Resources, before they can conduct exploration activities for mineral resources in areas open to mining.
Under MGB rules, an exploration permit is valid for two years, but may be renewed to cover a total term of up to six years.
Established in 1903, Benguet is the oldest mining company in the Philippines, according to its website. It explores, mines and markets gold, silver, nickel ore and limestone.