Change in Philippine mining policy?, page-10

Whiskey is right in part - the replacement value of the modern, well maintained low useage gold plant (and associated infrastructure) alone is worth $100m and the gold in ground ( residual open pit and UG resource ) is worth 100's of millions ..... BUT is it economically mineable ? Although a permit has been granted for a new waste storage dam, there is still an in principle ban on open pit mining. The projected long term gold plant life was dependent on supplementing the high grade UG ore (which has a practical maximum extraction rate of 50,000oz p.a.) with open sources from Mapawa owned by RED, and other orphan deposits from surrounding areas as the Siana plant is the only one in that local area available. RED has no intention of throwing good money after bad ! So, unless substantial (believable) concessions are made to allow open pit mining for the foreseeable future, foreign capital will not commit to the Phillipines. Before the ban on mining in 2016, the Hartley analyst had a "conservative" 29c/share valuation.
If serious Filipino money is not interested in making a reasonable bid for Siana, why should foreign money?
So, unfortunately Siana still has no value, and costs $6m p.a for "care and maintenance". The only hope is for a change in government in the 2022 elections and some COVID enforced economic reality policy changes .... but there's substantial antipathy by farming commutes to mining, so, can you trust any Filipino government ??
Maybe the best RED can extract out of the Siana cesspit is a great tax loss to offset the massive super profits from KOTH. By midweek, we'll know the details of the FFS and Siana will become much less important.