... about time someone focused the blow torch on SMI's activities, no idea who, but about time - SMI have been a disgrace ... or working for Xstrta to bleed IRN to a fire sale price???
Well, we have SMC, Xstrata and Zijin and maybe Philex at the door -minimum.
Sagittarius eyes early completion of ESIA for Tampakan copper, gold project
GENERAL SANTOS CITY, April 14 (PNA) ? Buoyed by the national government?s support, foreign-backed mining firm Sagittarius Mines, Inc. (SMI) has remained keen on pushing ahead with its planned large-scale copper and gold mining projects in the Tampakan, South Cotabato despite the earlier issuance of a ban on open-pit mining by the provincial government.
Constancio Paye, Jr., Mines and Geosciences Bureau (MGB) Region 12 director, said Wednesday the mining company is currently on track with its operations and is now preparing to submit the project?s Environmental and Social Impact Assessment (ESIA) within the second quarter of the year.
He said SMI officials already submitted a copy of its completed feasibility study, which outlined the company?s proposed operations and the prospects of the mining venture.
Paye said the ESIA will immediately be scrutinized by an environmental impact review committee composed of government scientists and experts from the academe.
?If it turns out acceptable, it would be included in the list of documents that would be submitted by SMI for the processing of its Environment Compliance Certificate (ECC),? he said.
The ECC, which is granted by the Environmental Management Bureau, is among the requirements to secure the declaration of mining project feasibility, the key for the mining company to go on commercial stream, he explained.
SMI had been hounded by the open-pit mining ban of South Cotabato, but Environment Secretary Ramon Paje reiterated during the Asia Mining Congress in Singapore last week that the national government is committed to pursue the US$ 5.9-billion Tampakan project.
Paje assured the Aquino administration would iron out all the issues surrounding the project prior to the commencement of its full operations.
The official noted the national government has been seriously encouraging SMI to fast-track with its commercial timetable and commence its operations by the year 2013 instead of 2016.
The Tampakan copper-gold project represents the largest undeveloped copper-gold deposits in Southeast Asia. If developed, the mine could be the largest in the Philippines and among the largest copper mines in the world.
Current estimates indicate it could yield an average of 375,000 tons of copper and 360,000 ounces of gold per year over a 17 year life of mine, the company said in a study. (PNA) LAP/LDV/AVE/RSS
IRN Price at posting:
58.1¢ Sentiment: Buy Disclosure: Held
