P49B mining project gets BoI perks
The Board of Investments (BoI) has approved the registration of the P49-billion mining and mineral processing project of Silangan Mindanao Mining Co. Inc., a project that is expected to generate 2,592 jobs by 2017.
According to documents from the BoI, Silangan Mindanao Mining will produce copper concentrate with gold and silver by-products once it starts operating not later than January 2017. Annual ore milling capacity is placed at 10.9 million metric tons.
Located at Surigao del Norte, the project is covered by a mineral production sharing agreement between the government and Silangan Mindanao Mining spanning 2,880 hectares.
The copper-gold deposits are located at Boyongan and Bayugo, around a kilometer apart from each other, within the Surigao mineral district.
According to initial estimates, the total resource that can be derived from the mine site is placed at 393 million tons, while the mine life is projected to reach 36 years.
The copper concentrates to be produced by the project already has potential buyers from Japan and Switzerland.
Trade and Industry Secretary Gregory Domingo said the project was expected to boost the quality of life in Surigao del Norte, which is among the 30 poorest provinces in the country.
“The Silangan project will generate considerable employment during the development period and throughout the life of the mine. In addition, roads, schools, hospitals and other infrastructure associated with the project will directly benefit the residents of the province,” he said in a statement issued Thursday.
