The clouds building up over the Philippines mining industry continue to darken with new President Rodrigo Duterte stating this week that the country can survive without revenue from mining companies. He has warned mining companies to strictly follow environmental rules and regulations or face closure.
The completed pre-feasibility study (PFS) on Red Mountain Mining’s flagship Batangas Gold Project in the Philippines confirms that it will be a low-cost project generating an estimated $A46 million in free cash flow during the first seven years of production.
TVI Resource Development (Phils), Inc (TVIRD), a company in which TVI Pacific has a 30.66% equity interest, has received approval for the Declaration of Mining Project Feasibility (DMPF) at the Balabag Gold-Silver Project in Zamboanga del Sur province, the Philippines.
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.
ADDITIONAL safety measures have been implemented at Semirara Mining and Power Corporation’s Panian Coal Project after a landslide last July. The accident claimed nine lives while five dump trucks, an excavator and a wheel dozer were destroyed.
PART proceeds of an IPO by Bluebird Merchant Ventures on the Main Market of the London Stock Exchange (LSE) will be used complete a feasibility study and permitting at Red Mountain Mining’s Batangas Gold Project in Luzon. Bluebird is a strategic funding partner for the project.
B2GOLD has forecast similar 2016 production from Masbate Gold Project than the 175,803 ounces produced last year. The guidance is between 175,000 and 185,000 ounces, slightly higher than the 2015 guidance of 170,000 to 180,000 ounces.
AN independent feasibility study into RTG Mining’s Mabilo Copper-Gold Project in southeast Luzon has shown that the project will be profitable, even at the current lower commodity prices. It shows the project to be high grade and low cost, delivering an internal rate of return (IRR) of 33.45% and a net present value of $223 million.
ABRA Mining & Industrial Corp has raised up to US$6.3 million from three new investors, thereby completing US$21 million in private placement offerings in the past six months. Funds raised will be used for reopening the Patok Gold Project and for production and marketing of calcic lime, also known as quicklime.
OCEANAGOLD has received a five year extension to the exploration period of its Financial and Technical Assistance Agreement (FTAA) at the Didipio Gold Project. This paves the way to conduct exploration in the broader region surrounding the mine, which is in the Cagayan Valley in Luzon.
METALS Exploration and its Filipino partner FCF Minerals Corporation are on schedule to commence commissioning of the Runruno Gold Project during June. The production ramp-up ad plant optimisation is expected to occur throughout the second half of the year.
PHILEX Mining Corp has received encouraging results from the Bumolo porphyry copper-gold deposit, which is adjacent to its Padcal mine in the northern province of Benguet. The maiden resource estimate is 21.7 million tonnes at a grade of 0.2% copper and 0.3 grams/tonne (g/t) gold and has potential to add to the Padcal mine life beyond 2022.
Metals Exploration has negotiated a new debt repayment timetable with the financiers of its Runruno Gold-Molybdenum Project in the Philippines. The company hopes this will help negate the effects of ongoing delays in starting production.
US-BASED company PHI Group has signed a joint venture agreement with Manila-based Spartan Mining and Development Corporation (SMDC), to form PHI Spartan Resources, a new Philippines entity equally owned by both companies. The new company will initially focus on dredging lahar sand deposits from Santo Tomas, Maloma and Bucao rivers in Zambales Province.
Metals Exploration is hopeful its Runruno Gold-Molybdenum Project in Luzon, the Philippines will be operational in January. The processing plant is built and commissioned but the lack of an operational permit has delayed its switch-on.
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