The Philippine Constitution limits foreign participation or ownership in most economic activities to no more than 40 percent of capital so how will they get the EP renewed or even get the 2 other EP's applied for approved. To date, Galeo their Philippine partner has earned a 36% interest in the joint venture and can earn up to 42%. The EP getting renewed for a further 4 years expired in july 2015 so there could be some problem but I read the company saying all was ok with the renewal just waiting for the permit to be issued , but how is it possible if Galeo only owns 36% , or is it that Galeo will end up owning 60% in the following years before actual mining.
"Mabilo Project (“Mabilo” or the “Project) The Company’s principal asset and focus is the Mabilo Project. The Mabilo Project is located in Camarines Norte Province, Eastern Luzon, Philippines. It is comprised of one granted Exploration Permit (EP-014-2013-V) of approximately 498 ha (under renewal) and two Exploration Permit Applications (EXPA-000188-V) of 2,737 ha and (EXPA 0000 209-V) of 498 ha."
This article regarding another mining company nearby to Mabilo project mentions exploration permit applications only qualify if corporations have 60-percent-owned by Filipino citizens .
http://www.interaksyon.com/article/...angers-watershed-water-source-for-25000-homes
In 2014 RTG mentioned owning 22% of the Mabilo project land access , having agreements to buy 8 of 36 priority lots with plans to complete buying all the 36 plantations. I have been unable to find any info if this actually went ahead. Is land access going to be an issue going forward or has this been resolved.
