reason for pessimism

So the policy isn't going to end the moratorium against the granting of new applications. Off to the law makers to enact revenue sharing legislation first. Lots of people are going to be well peaved about the possibility of another couple of years lost - including myself. This setback wasn't expected. Blindsided by flakes yet again. And the news is in the media this morning without prior industry consultation. Buggers.

I won't comment on how it will affect Tampakan because I haven't thought about that yet and it is possibly too early to know - but it will likely allow plenty of time for them to dilly dally around the constitutional issue of the open cut ban in the courts simultaneously.

So effectively the country is still closed for new mining business and existing operators get a repreive to carry on as they were. Clearly Aquino is anti-mining and anti-foreign investment just as his mother was. Bring on the next election.


http://www.bworldonline.com/content.php?section=TopStory&title=End-to-mining-moratorium-tied-to-legislation----Aquino&id=54493