dead cat bounce, page-9

cheers happycats. Might be a good idea to short all Philippine based goldies if the executive order passes. Will keep an eye out.

"
Economic aspect
According to Section 5 of the Mining Act, the government shall get a ten percent (10%) share in all royalties and revenues to be derived by the government from the development and utilization of the mineral resources within mineral reservations which shall accrue to the MGB to be allotted for special projects and other administrative expenses related to the exploration and development of other mineral reservations.
Under the Local Government Code, local government units (“LGUs”) were given authority to impose taxes on sand, gravel and other quarry resources under Section 138 thereof. In addition, the Mining Act provides that LGUs have a share of forty percent (40%) of the gross collection derived by the National Government from mining taxes, royalties and other such taxes, fees or charges from mining operations in addition to the occupational fees (30% to the Province and 70% to the Municipalities concerned) in consonance with the Local Government Code."

http://zglaw.com/wp/philippines-mining-law-update-features-of-the-new-eo-79/