Good news in Philippine mining, President Duterte has issued Executive Order (EO) 130 last April 14. See these three stories from BWorld.
(1) Moratorium on mining
projects lifted
Kyle Aristophere T. Atienza April 16, 2021 | 12:34 am
https://www.bworldonline.com/moratorium-on-mining-projects-lifted/
Executive Order (EO) No. 130, signed by Mr. Duterte on April 14, allows the government to enter into new mineral agreements and review existing mining deals for possible renegotiation.
The new EO amends the one made by then-President Benigno S. Aquino III in 2012 which prohibited the grant of new mining deals in several protected areas, while awaiting the passage of a law that would increase the government’s share in mining revenues.
Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) Act doubled the excise tax on minerals, mineral products and quarry resources to 4%, starting 2018.
(2) Gov’t won’t back
down on lifting mining ban
Revin Mikhael D. Ochave April 19, 2021 | 8:24 pm
https://www.bworldonline.com/govt-wont-back-down-on-lifting-mining-ban/
“We are not paying attention to those calling for the EO to be withdrawn because the country is facing many problems. We need to find a source of funds and this is one path to recovery,” Environment Undersecretary Jonas R. Leones said in a Laging Handa briefing Monday.
Mr. Leones said there are 100 mining projects in the pipeline with the potential to generate P21 billion in revenue for the Treasury.
In 2020, the MGB estimated that the value of the metallic
mining industry’s output rose 1.13% to P132.21 billion, of which nickel ore and
its by-products accounted for 51.8% or P68.48 billion; gold 36% or P47.60
billion; copper 11.25% or P14.88 billion; and the combination of silver,
chromite, and iron P1.26 billion.
(3) Palace expects $4B in mining investments after ban lifted
Kyle Aristophere T. Atienza April 19, 2021 | 12:33 am
https://www.bworldonline.com/palace-expects-4b-in-mining-investments-after-ban-lifted/
"If the projects of Sagittarius Mines, Inc., KingKing Mining Corp., and Silangan Mindanao Mining Co., Inc. “are any indication, we are looking at over $4 billion in capital expenditure... new mining projects are also expected to generate P40 billion in local taxes and P20 billion worth of social development projects. Indigenous groups are also expected to benefit with around P15 billion in royalties."
I think it's double, about $9B. Tampakan gold-copper mines (S. Cotabato) alone by SMI was originally $5.9B, King King (Davao del N) $2B and Silangan of Philex (Surigao del N) $2B. Tampakan was the single biggest FDI in the PH ever since, until LGU killed the proj upon the prodding of bright boys and girls anti-mining planet saviors mostly based in M.Manila.
Australia is a good model. Mining only 0.1% of land area yet mining output 9% of GDP. They export lots of metallic and non-metallic products.
Big legitimate money here, both corporate profit and government taxes. No need to steal. Metal prices can only go up or flatline over L-term, never go down because demand will keep rising but supply is restricted or killed by many planet saviors. Below, prices of gold, copper, silver, nickel today, way back last 5 years.
https://tradingeconomics.com/commodities
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See also:
BWorld 261, PPP, tunnels and mining, October 28, 2018
Mining 59, High world prices of silver, gold, copper, rhodium, iron ore, nickel, February 02, 2021
Mining 60, High metal prices -- cobalt, lithium, copper, tin,... March 18, 2021.
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