Very useful commentary.. Things must come right soon.

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Sentia717

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03/09/20

13:03

Post #: 47055813
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Originally posted by sparkytrader1: ↑

Change in Philippine mining policy?
Below is copied from RED thread
While all eyes are firmly focused on KOTH there are signs that Philippine president, Duterte, may be softening his hard line stance on mining. In July DENR secretary, Roy Cimatu, announced that several mining companies, shut down by the late Gina Lopez, can restart operations if they meet certain conditions. While most of these operations are related to nickel production this new change of heart may extend to gold.
Another July announcement was that the Office of the President has reinstalled the ECC ( environment compliance certificate) to the $US 5.9 billion gold and copper project at Tampakan in Mindanao. The EEC was cancelled by Lopez on Feb 14 2017 indicating that this project will never happen. It is one of the requirements needed to move to commercial production of possibility the world’s largest open pit mine. Considering Duterte’s public hostility towards open pit mining this is a huge about face in presidential mining policy.
The only hurdle left before this mega mine can go ahead is the local government ban on open pit mining. This will not be taken lightly. As OGC know local opposition to a mining operation can be serious.
RED board have always stated that Siana is in hibernation until there is a significant shift in mining policy in the Philippines. In this COVID ravaged economy it looks like mining may be coming back on the table.

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Very useful commentary.. Things must come right soon.

OGC Price at posting: $3.05 Sentiment: Buy Disclosure: Held
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Very useful commentary.. Things must come right soon.

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