Carmen Copper Corp has been certified for its Integrated Management System covering ISO 14001:2004 for environmental management and OHSAS 18001:2007 for occupational health and safety management.

“This certification is a confirmation of our outstanding environmental protection and work safety performance, the hallmark of our responsible mining operations in Toledo City,” said Carmen Copper president Enrico Nera.

He also urged employees to intensify environmental protection initiatives and work safety culture. “This accreditation is only the beginning and not an end to our pursuit for excellence as it is more challenging to uphold our standards than obtain the IMS certificate.”

Progress in Mindoro investment

Atro Mining Vitali and its international principals have made significant progress with respect to potential investment in Intex Resources’ Mindoro Nickel Project. The basis for proceeding is agreed in principle and Atro has informed Intex that the process regarding the reorganisation of its mining activities in the Philippines is moving forward.

A successful conclusion of this process is considered to be the obstacle left to enter into definite agreements. Atro has also assured Intex that the required funding to enter into the transaction is readily available.

No further technical or commercial due diligence will be required and the reorganisation will significantly enhance Atro’s ability to carry through various activities relating to the Mindoro project, and the ability to move it into the next phase.

TVIRD PSE listing delayed

TVI Resource Development (Phils), Inc (TVIRD), a company in which TVI Pacific, has a 30.66% equity interest, continues to work through the regulatory approval process relating to its Initial Public Offering on the Philippine Stock Exchange (PSE).

While TVIRD had intended to list on February 29, the IPO is now expected to take place in the second half of 2016 due to volatile market conditions and the Philippine Presidential election in early May.

“While TVIRD has worked diligently with its underwriter and the regulatory bodies to pursue its IPO and PSE listing, global markets have been in extreme turmoil since the beginning of 2016,” said TVI’s chairman and CEO Clifford James, who is also chairman of TVIRD.

“This has made it very difficult for companies in all industries to pursue public offerings and we are seeing many planned IPOs being deferred to the latter half of 2016.”

Taysan licence still awaited

Crazy Horse Resources is still awaiting issuance of a mining licence for its Taysan project. The application has been submitted but because of the moratorium placed on new applications under Executive Order 79 signed by President Aquino on July 6, 2012, is yet to be issued.

The moratorium was put in place to allow the government to bring in a new tax regime on mining which would possibly see the effective tax rate rise up to 71% on mining profits.

In an effort to increase the government’s share in revenues derived from the use and development of the country’s mineral resources under the Executive Order, new mining projects have come to a virtual standstill. The order is pending Congressional approval but must be granted before the national election on May 9, 2016.

Mankayan negotiations hampered

Negotiations by Bezant Resources with potential purchasers or joint venture partners for Mankayan Copper-Gold Project continue but are being hampered by ongoing uncertainty caused by the country’s 50% mining tax proposal.

Bezant’s non-executive chairman Ed Nealon said, “Whilst we continue to believe that Mankayan is a tier one project, the current capital restrictions in the mining sector combined with significant uncertainty in the Philippines over the adverse tax proposal for mining makes progress on realising value from a suitable transaction in the near term extremely challenging.”

Metallum reviews Comval assets

Metallum Limited continues to review the best options for its Comval assets as part of ongoing efforts to seek other opportunities to create value for shareholders.

This process also involves seeking to dispose of Metallum’s remaining Chilean assets and instead focusing on advancing the Teutonic project in Western Australia.

MBMI considers further action

MBMI Resources is considering initiating arbitration proceedings against the Philippines regarding cancellation by the Office of the President (OP) of the company’s FTAA.

This follows a decision from the Philippines Supreme Court that declared null and void the decision of the Philippines Court of Appeals which affirmed the OP’s cancellation of the company’s FTAA ‘without prejudice to any other appropriate remedy the parties may take against each other’.

 

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