Stay happy Happycats.Have had a long conversation with the...

Stay happy Happycats.
Have had a long conversation with the Chairman, Colin Jackson, and although the full reform package is not yet complete, it is about freeing up leases that explorers have held for up to 20 years+ and never done any actual exploration. This means no jobs made available. They want to clean up the whole exploration and mining sector. RED 5 are very close to the Govt with a representative on the Govt Board.
A levy of 4% of costs is going to be paid into a fund by all miners that will be used to support local businesses once the mining is finished; in the case of RED 5 this could be close to 20 years.
I agree with the Philippines Govt in following this strategy and the exposure for RED 5 is already been taken into account i.e. the 4% levy. Would you prefer they were in Indonesia? I think not.
The Philippines is a growing economy and as it matures, such changes will occur from time to time.
As far as "no announcement", well until the reform package is complete, what can they say? Oceana are fully into mining and had sought clarification from thne Govt. As established mining operation is in place, and they support the local community, they will just pay the levy like all the rest.
New explorers will have more stringent guidelines applied to them with regard to exploration activity time lines.

The 4% from RED 5 will go to the communities in and around their mining and exploration areas. They are far enough down the track that no 'reforms' are expected with regard to mining and exploration activity.
I found Colin to be very thorough and very knowledgable about these reforms and doing business in the Philippines.

The CEO, Greg Edwards is based over there.

Sounds safer than doing business in Oz with "super profit tax" pulled out of a hat. The idea was good but 5-7 years too late Julia. Profits of the "super" miners are going to tank as demand from China contracts. Better to be short selling the iron ore miners atm. Doing very nicely thank you. Expect GOLD to have taken off by the end of August. Central Banks are running out of water to keep the price artificially low by pouring water on it when it suits them.

If you think you should get an "announcement" every time you hear something that concerns you, try calling the Company first. I didn't expect an announcement but wanted to know if RED 5 could shed any light on the issue. They have and I thank them for that.
DYOR....honestly; you'll sleep better.
Cheeers,
TRIG