Nickel Initiative 2019 Highlights
by Marcelle P. Villegas - May 29, 2019
18 March 2019, Shangri-La at the Fort, Taguig City -- Ribbon-cutting ceremony of The Nickel Initiative 2019 Conference by Philippine Nickel Industry Association (PNIA) [Photo by: Marcelle P. Villegas]
18-19 March 2019 - Philippine Nickel Industry Association (PNIA) organised and launched The Nickel Initiative 2019 Conference at Shangri-la at the Fort in Taguig City. The event's objective is to provide a venue to discuss issues and potential opportunities or collaborations for the various industries that are involved in the nickel supply chain. The event also featured companies involved in the exploration, extraction and processing of nickel. According to PNIA, The Nickel Initiative 2019 Conference aims to open doors for improved networking and collaboration among stakeholders and industry players in the Philippines and abroad.
Price, policy constraints and challenges were among the major issues discussed during the conference. The establishment of a roadmap for the industry was a goal mentioned by PNIA as they aim to leverage on the Philippine's position as the second biggest producer of the key input in stainless steel, mobile phones, transportation and electric vehicle batteries. This roadmap is intended to provide a foundation that would accelerate growth in the local nickel industry and to further contribute to the country's economic expansion. The roadmap will also address the industry's needed infrastructure, incentives, power, as well as peace and security.  The PNIA stated that they are hoping to finalize the nickel industry roadmap within a year. 
The two-day event had attendees from local and global nickel stakeholders from the private and public sectors.
Mr Clarence J. Pimentel, Jr., Conference Chair of The Nickel Initiative 2019, gave the Welcome Remarks. This was followed by Atty. Dante R. Bravo's message and Q&A portion with ANC's News Anchor, Mr Quintin Pastrana. Mr Pastrana is the President of WEnergy Global Pte Ltd., a graduate of University of Oxford, University of Cambridge and Georgetown University.
The keynote speaker for Day 2 was the former Philippine President and currently the House Speaker, Honourable Gloria Macapagal-Arroyo. From her speech, she mentioned her support for the industry and its endeavours. The House Speaker is hopeful that Congress will be able to pass the new fiscal regime measure for the mining sector before the end of 17th session of Congress in June.  This refers to the House Bill No. 8400 which she co-authored.
For large-scale metallic and non-metallic mining operations outside of the mineral reservations, they will be required to pay the government a margin-based royalty on income from mining operation. It was noted that the rate is raised from 1.5% royalty to 5% royalty. This is from a 10% to a 70% margin.  On top of this, a royalty tax equivalent to 3% of the gross output of minerals or mineral products extracted or produced by the mining operation will also be imposed on large-scale metallic and non-metallic operations if this is located within mining reservation areas and this is exclusive of all other taxes. This means that they still have to pay corporate income tax.
For small-scale mining, the House Speaker mentioned that the mining contractors within or outside mineral reservations will pay to the government a royalty equivalent to one-tenth of one percent of gross output. 
She noted that the measure would generate around PHP22 billion for the government from the current PHP19 billion (or PHP18.71 billion) as well as an additional PHP3 billion from the royalties collection. With regards to mining royalty, she stated that the government will earn PHP2.57 billion instead of the current PHP1.13 billion. 
Furthermore, the House Speaker said that HB 8400 was adopted by the Senate committee level with an objective to promote fairness by providing fiscal regime that is applicable to all existing and prospective large metallic and non-metallic, and small-scale mines. It shall be applied to all mines regardless of whether the mine is located outside or inside of mineral reservation. This measure would also "enhance the equitable share of the government in the utilization of natural resources without compromising the mining sector's need for reasonable return on its investment." 
Mr Dante Bravo, President of PNIA, said that they welcome the measure. He hopes that the approval of the House Bill would eventually push the lifting of the moratorium on new mining permits.
The House Speaker also noted that the local mining industry flourished under the present administration than it did during her regime despite the current President's stand on mining. "I have said that even under my successor, who was very strict about mining, the sector grew even more than it did in my time," she said. "That's what we want to do now. Even in today's policy and regulatory environment, we want to help the sector grow and contribute to national development." However, she emphasised that there should be a solid framework that will approximate the thinking of President Rodrigo Duterte. 
In relation to President Duterte's message during his 2018 SONA, the House Speaker pointed out that raw materials from mining operations in the Philippines should be processed here. She said, "In line with the President's other statements regarding raw materials...your projects would ideally include processing facilities if not today, at least in the realistic future.”
The House Speaker also proposed that the Department of Environment and Natural Resources (DENR) should also transform into a promoter of responsible mining aside from being a regulator.
From her keynote speech, she emphasised as well the importance of educating the public on the aspect of land rehabilitation since there are several remarkable examples such as Berong Nickel, Coral Bay Nickel, and Rio Tuba in Palawan; Agatha Mining and SR Metals in Agusan del Norte, Taganito Mining in Surigao del Norte, Zambales Diversified Metals in Candelaria, Zambales.
Hon. Arroyo also mentioned the old mined pit of Semirara which is now a blue lagoon after the company's marine rehabilitation efforts in the island. This environmental rehabilitation brought international attention and the company was awarded in 2015 as first runner-up in the Corporate Social Responsibility category of the Asean Energy Awards in Kuala Lumpur, Malaysia.
After the speech of Hon. Arroyo, Undersecretary Rafaelita M. Aldaba of the Department of Trade and Industry gave a presentation about "Securing the Future of the Philippine Industries".
On the second part of the morning session, the topic was "Discovering Nickel and Tomorrow's Industries". The presenters were Mr Paul White (Secretary General of International Nickel Study Group), Mr Edmund A. Araga (President of Electric Vehicle Association of the Phils.) and Mr Lawrence Liu (Tsingshan Holding Group Co., Ltd.).
The afternoon session's topic was "The Next Generation of Innovators and R&D Champions" where a Q&A panel was moderated by TV host Mr RJ Ledesma. The panelists were Mr Earl Forlales (CEO and Founder of CUBO Modular) and Dr. Rogel Mari Sese (President of Regulus Space Tech Inc.). Mr Forlales presented an innovative and low-cost housing solution for the urban poor that uses bamboo as building material. It has a practical home design that is easy to assemble but durable for years. Dr. Sese talked about outer space mining and its legal implications on a global scale. He passed around to the audience a sample of a meteorite that landed in Russia which he said is composed mainly of nickel.
The segment's moderator, Mr Ledesma has been popular in Philippine television since the late 1980s for appearances in various commercials and TV shows, representing Generation X with wit, humour and flair. He is a writer, editor and entrepreneur, co-founder of the successful Mercato Centrale food market, and the Honourary Vice Consul of Monaco to the Philippines. He is the first Asian to deliver the graduation speech at the Massachusetts Institute of Technology where he received a degree in Masters of Science in Real Estate Development.
Other presenters for the afternoon session were Mr Cyrille Jouin (Glencore International AG), Mr Ian Hiscock (CRU Consulting Group) and Mr Weixun Huang (Ningbo Lygend Mining Co., Ltd.).
Dr. Bernardo M. Villegas gave an insightful and informative closing keynote presentation titled “Nickel Mining Can Be Sustainable”. Dr. Villegas is an economist and professor at the University of Asia and the Pacific. He is also a book author and a leading expert in economics. Dr. Villegas is one of the best economists of the Philippines due to his unparalleled expertise and wisdom. From his speech, he emphasised the important role of the Philippine government in the survival and success of the local mining industry.
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At the end of the day, with all the talks and sharing of ideas, studies and opinions, the success or failure of the Philippine nickel industry in solving its impending problems and challenges is dependent on how well the key players are able to differentiate between the best solutions from false limiting beliefs. After the conference, here are some thoughts, reactions and expert analyses from some of the delegates who attended the Nickel Initiative Conference 2019:
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“I am convinced that nickel demand will continue to rise in the future. Profit can be made if we are properly positioned. Trading of nickel in the Philippines is a sustainable project or business. The initiative was good as the problems unique to the industry were identified and discussed and a possible solution was talked about. The event was also a fresh ground for meeting new contacts and renewal or updating with former acquaintances.” (Ms Audi Fabricante, Business Manager at Epitomo Holding Resources Pte Ltd. and Principal at Fahaodi Mining Consultancy)
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"The Nickel Initiative conference was very informative. Current regional and world trends were covered by industry experts from various countries. The speakers were able to cover topics from nickel extraction to stainless steel usage and even emphasised the demand for raw materials for electric vehicles. Next time, I hope, in the next conference, there will be discussions on worldwide trends or sharing of best practices that companies adopt to minimize environmental and social impact of the mineral extraction and processing." (Ms Maan Baribar, Community and Public Relations Senior Manager of Sumitomo Metal Mining Philippine Holdings Corporation)
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“During the conference, I heard lots of well-intentioned speeches but the challenge is for industry leaders and authorities to create a clear roadmap with practical steps to achieve quickly a shared vision. I hope that this will emerge soon because we need it. It seems that there was no Philippine company mentioned who is willing to put up a nickel processing plant locally to add value to the large laterite nickel resources of this country. Perhaps most companies prefer direct shipping of ore to overseas markets at prices of less than 10% of the contained nickel content.
“Indonesia banned the shipment of laterite nickel ores in 2014 and now has over 25 companies operating or building processing plants, with the production of over 750,000 tpy nickel metal in product by 2023. All the Chinese producers who attended the Nickel Initiative stated they will NOT invest in the Philippines as they already have investments in Indonesia. Interestingly, Indonesian companies cannot export laterite ores unless they are building a processing plant. The same policy should be immediately implemented in the Philippines.
“Nickel Asia/Sumitomo at their Coral Bay and Tanganito has been the only company in Asia processing local laterite nickel ores to produce raw materials for batteries. This company has been the sole producer for the last 15 years but is now at risk of being overtaken by the Indonesian companies as they start work on three planned HPAL plants. From a position of absolute advantage, the Philippines will lose its position in the battery sector. It has already lost the race in producing ferro-nickel or nickel pig iron and will never be able to compete with the Chinese companies in Indonesia.
“Banning the immediate export of laterite nickel ores is the only way to force companies to invest for the future and for the benefit of the Filipino people. Without an immediate ban on exports, the fourth largest resource of laterite nickel and cobalt in the World will become irrelevant as we watch our Asian neighbors grow to lead the world in battery materials production and stainless steel production from laterite ores,” (Mr George Bujtor, 12th April 2019)
Mr Bujtor is a prominent mining executive from Australia with 23 years of experience in various roles such as General Manager and Managing Director in Rio Tinto, Australia. He is an expert in the technical, financial and commercial aspects of mining operations. In the Philippines, he was the CEO of Toledo Mining Corporation in 2005 where he developed in record time, commercialized and operated the Berong Nickel Mine in Palawan. He was also the CEO of Carmen Copper Corporation in 2009 (under Atlas Consolidated Mining and Development Corporation), the largest porphyry gold-copper producer in the Philippines. He has a degree with honours in BASc Geology, Mining and Metallurgy; Master's Degree in Mineral Economics; Master's Degree in Mining Engineering and M.B.A. Mr Bujtor is currently the CEO of Electric Metals Limited.
 Rodriguez, Bruce (19 March 2019). "Policy and global metal price constraints tackled at Nickel Initiative 2019" on ANC 24/7. Retrieved from https://www.facebook.com/ANCalerts/videos/607666546327913/
 Retrieved from https://www.pna.gov.ph/articles/1065046
 Ison, Lilybeth (19 March 2019). "Arroyo optimistic about bill on new fiscal regime for mining". Retrieved from https://www.pna.gov.ph/articles/1065024
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Philippine Resources - January 21, 2021
TVIRD-Agata COVID-19 Response Brings Relief to 10,000 Families, Livelihood to Rural Farmers
At the height of the COVID-19 pandemic in the Philippines – that brought the nation’s economy to a virtual standstill and left thousands confined to hospitals, stricken with the deadly virus – communities in Mindanao have benefitted from an unexpected partner that immediately and actively responded to the government’s call to unity: and that is the country’s mining industry, which continues to support countrywide development.As of this writing, the industry has realigned some Php247 million of its collective Social Development and Management Program (SDMP) funds to provide relief for thousands of Filipinos in and around mining communities and close to 70,000 frontliners across the country.Immediate responsePrior to the realignment of SDMP to support relief operations, TVIRD’s Agata Mining Ventures Inc. already dispatched various Personal Protective Equipment (PPEs) from Manila as part of its immediate response to the needs of medical frontliners in the Mindanao region. TVI Resource Development Philippines Inc. (TVIRD) has facilities in Siocon, Zamboanga del Norte; Bayog, Zamboanga del Sur; and the adjacent municipalities of Tubay, Jabonga and Santiago in Agusan del Norte Province where its Agata Nickel Project is located.To date, the TVIRD Group of Companies has shored-up critical PPEs: N95 face masks, face shields and surgical and examinations gloves to support COVID-19 frontliners, including LGUs, volunteers, medical workers, police and civilian volunteers as well as checkpoint personnel. It likewise sourced majority of its fresh vegetable from farmers and other goods from local establishments to provide relief to more than 10,000 families in its respective areas. The group’s joint relief efforts aim to cushion the impact of the COVID-19 pandemic and has reached some 46 barangays consisting of its primary and secondary communities.Supporting local livelihoodWhile an estimated one million jobs have been “lost” as a result of the nationwide community quarantine, the challenges of a lockdown are even more pronounced in the hinterlands where a single day of lost livelihood can make or break agricultural and fishing communities who rely on their daily access to the market place. This is in addition to the challenge of putting food on their own tables for their families everyday.Agata sought to bridge this need by sourcing organic vegetables from its TESDA-certified Mabakas Farm School and its graduates under the program. Together with its beneficiary farmers, locally-sourced ampalaya (bitter gourd), kalabasa (squash), okra, sitaw (string beans) and eggplants were included in relief packs – which were distributed to 2,647 families in its three host municipalities.Recipients also included the company’s employees in the mine site and the indigenous Mamanwas who are themselves farmers who would have otherwise faced the risk of spoilage of their produce due to ECQ restrictions on transportation. Over 11,000 kilos of assorted vegetables were included in more than 5,200 relief and vegetable packs distributed by the company – a testament that its production model under the Mabakas framework is sustainable. TVIRD likewise rolled-out a weeklong food distribution program and reached-out to almost 7,424 families in the Zamboanga Peninsula. The company’s site personnel and officers sought to alleviate the residents’ difficulties by providing rice, vegetables, canned goods and noodles.Special attention was also given to the elderly, pregnant women, and persons with disabilities (PWDs) since they are limited to their homes under the GCQ Protocol. Beneficiaries also include nearly 1,400 Subanen families and farmers from Bayog Municipality whose produce are included in the relief packs. Frontliners in Zamboanga PeninsulaThrough its Balabag Office, TVIRD contributed several boxes of PPEs to major government hospitals, rural health units and birthing clinics in the Zamboanga Peninsula region.Beneficiary institutions include the Zamboanga Sibugay Provincial Hospital, Wilfredo C. Palma Memorial Hospital in Diplahan, Rural Health Units (RHU) in the joint provinces, Zamboanga del Sur Provincial Hospital in Pagadian City, and Siocon District Hospital – which also serves patients from its 26 barangays and nearby Sirawai and Baliguian towns.“TVIRD backs the government’s campaign against the disease. We are one with the frontliners – and providing them with protection and food is our way of sharing their load,” said TVIRD Balabag Project Manager Engr. Hilario Gingo, Jr.As the first company to be licensed under the Philippine Mining Law, TVIRD established its presence in the Zamboanga Peninsula some 25 years ago and has since fostered a deep relationship with its communities, especially the Subanon and Subanen tribes. The commercial operations of Agata marks the third consecutive project that TVIRD brought on-stream in a period of 10 years. Today, TVIRD-Agata has cultivated strong and resilient communities, self-sustaining indigenous hosts tribe and over 1,300 graduates from its Mabakas Organic Farm School who are aligible for TESDA National Certification.“‘Starting it right and keeping the end in mind’ has guided the company in achieving sustainable operations focused on progressive and final rehabilitation. By providing skills and infrastructure, we endeavour that our communities can sustain themselves beyond the life of the mine,” according to Agata Assistant GM Anthony Quijano.
Philippine Resources - January 21, 2021
Taganito Mining Donates 7k Workbooks for Surigao Del Norte
As part of its commitment to support the education sector, Nickel Asia Corporation subsidiary, Taganito Mining Corporation, donated 7,172 workbooks to the provincial government of Surigao del Norte, in time for the opening of classes. The Php 2 million worth set of English and Mathematics workbooks is part of the company's Social Development and Management Program. The turnover of workbooks was led by TMC Resident Mine Manager Artemio Valeroso in the presence of Governor Francisco Matugas and Dr. Nelia Lomocso, the schools division superintendent of the Department of Education for Siargao, Surigao del Norte Division. In a certificate signed by Gov. Matugas, he thanked TMC “for the wholehearted support in the various undertakings of the Provincial Government which has been instrumental in the success of the Education Caravan School Year 2020-2021”.“NAC-TMC is one with the province of Surigao del Norte in helping our schools become ‘back-to-school ready,” said Valeroso“We are very happy and very thankful. We sincerely thank the Taganito Mining Corporation for this great donation. This will go a long way. The workbooks will be for the benefit of our learners in the island paradise of Siargao,” Lomocso said. Since 2015, TMC has been a partner of the province in the annual Education Caravan wherein various educational supplies such as books, bags, and health kits were distributed to students in Surigao del Norte as well as Siargao island.
Marcelle P. Villegas - January 29, 2021
Rare blue agate from Brazil with the face of Cookie Monster
A rare piece of volcanic agate rock was discovered in the Rio Grande do Sul region near Soledade in Brazil last November 2020. It is an oval-shaped rock with a hard, white pitted outer shell. On the outside, it looks like a perfect egg. When you split the rock at the center, you will see in each of the two halves a strange resemblance of Cookie Monster, a character from the famous children’s television show “Sesame Street”. At first look, the rock’s photos and video which went viral on the internet seems surreal, but it is actually a unique piece of rock that was naturally formed in a volcanic environment, according to its owner. The rock is a deep blue quartz crystal and was discovered and found by Lucas Fassari, a gemologist and explorer in Brazil.  It was sent to Mike Bowers in California. Bowers is an American geologist and specializes in these types of rocks. He said that it could be worth as much as $10,000 due to its rare features.  Bowers uploaded on his personal social media account a video of the rock with the caption “Cookie Monster agate from Brazil” with a background music of Cookie Monster singing about the letter “C”. His post immediately became viral online. The actual cost of the rock when bought from Fassari was not revealed by the current seller.  “I think this is probably the most perfect Cookie Monster out there. I have seen others but here you have it complete on both sides. This is very unusual. There are a few famous agates out there: the owl, the scared face. There are many approximate ones but it is rare to find one so well defined like this,” Bowers said. “Prices can be very high. I was proposed over $10,000 by five different buyers. Rare.” While his viral video of the Cookie Monster agate is fascinating, it also brought some doubt to most people. Is it really possible for nature to produce a semiprecious stone with such strange appearance? What are agates and how are they formed in the first place? Geology.com described the agate as a translucent variety of microcrystalline quartz. It is formed by the deposition of silica from groundwater in the cavities of igneous rocks. Agates are formed by the deposits of silica from groundwater in the cavities of igneous rocks. The agate deposits in concentric layers around the walls of the cavity or in the horizontal layers building up from the bottom of the cavity. As a result, layered patters are then formed. In some agate formations, these cavities are lined with crystals, therefore called geodes. A geode is a round rock with a hollow space lined with crystals, just like the Cookie Monster agate. Agates come in a wide range of colours such as brown, red, yellow, gray, black, pink and white. The colours are produced by the impurities during its formation and they are formed in alternating layers within the agate. Now, the variations in colours are produced once groundwater of different compositions leak into the cavity. The banding within a cavity is a manifestation of change in water chemistry. As an end result, agates end up having interesting colours and patterns. Based on this general description of agate, the authenticity of the Cookie Monster agate seems legitimate. Bowers reported to Daily Mail UK that the rock is indeed real.  A fact-checking website, Snopes.com. also claimed that rock is authentic.  TechnologyTimes.pk on the other hand stated, “As of the moment, there are no news yet as to whether Bowers actually intends to sell the rock or not, and about its current value as of the moment. Furthermore, no authorities have confirmed whether the rock is real or fake. If it is, sure enough, its value will increase over time as more and more people take interest in the unusual rock. Who would’ve known Cookie Monster would make so much numbers in a rock?” (--Marcelle P. Villegas, PRJ) Reference:  Boyle, Darren (19 Jan. 2021). Daily Mail UK. "What a muppet! Geologist finds incredibly rare lump of volcanic agate rock which looks exactly like Sesame Street's Cookie Monster". Retrieved from - https://www.dailymail.co.uk/news/article-9162441/What-muppet-Geologist-finds-rock-looks-like-Sesame-Streets-Cookie-Monster.html  Hart, Matthew (26 Jan. 2021). Nerdist. "Gemologist Cracks Open Rock, Finds Cookie Monster's Face".  Evon, Dan (26 Jan. 2021). Snopes. "Is the 'Cookie Monster Rock' Real?".  Noor, Mufliha (25 Jan. 2021). Technology Times.pk. "'Cookie Monster' Rock From Brazil: Real or Fake?".
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Philippine Resources - August 05, 2022
NICKEL ASIA CORPORATION ANNOUNCES P3.83B NET INCOME FOR H1 2022, UP 41% YoY
Photo Credit: Arrow Creatives Nickel Asia Corporation, the Philippines’ largest producer of lateritic nickel ore, reported a 41-percent increase in attributable net income for the first semester this year. Based on unaudited financial and operating results for the six-month period ended June 30, 2022, attributable net income increased to P3.83 billion from P2.73 billion while earnings before interest, tax, depreciation, and amortization (EBITDA) increased by 19 percent to P6.33 billion from P5.32 billion the year prior. Despite lower ore volume sold during the period, revenues increased by 7 percent to P11.78 billion from P11.01 billion last year, owed largely to higher nickel ore prices and favorable exchange rates. NAC’s four operating mines sold a combined 6.95 million wet metric tons (WMT) of nickel ore during the first half of the year, down 16 percent from 8.30 million WMT in the same period last year. The drop in sales volume was almost in direct proportion to unrealized workable days caused by inclement weather that adversely affected the Company’s mining operations during the period. The weighted average nickel ore sales price over the first half of year 2022 rose by 18 percent to $30.03 per WMT against $25.54 per WMT in the same period last year. The Company also realized P52.56 per US dollar from these nickel ore sales, a 9-percent increase from P48.25 last year. Breaking down the ore sales, the Company exported 3.12 million WMT of saprolite and limonite ore at the average price of $42.05 per WMT during the six-month period compared to 4.55 million WMT at $37.62 per WMT in the same period last year. Likewise, the Company delivered 3.83 million WMT of limonite ore to the Coral Bay and Taganito high-pressure acid leach (HPAL) plants, the prices of which are linked to the London Metal Exchange (LME) and realized an average price of $12.52 per pound of payable nickel. This compares to 3.74 million WMT at $7.92 per pound of payable nickel in 2021. Expressed in US dollar per WMT, the average price for the deliveries to the HPAL plants were $20.23 and $10.85 in the first half of 2022 and 2021, respectively. “The first half of 2022 was not without its challenges especially for our mining operations, brought about by weather conditions at our mine sites, particularly in Surigao, and continuing lockdowns in China, our major market,” said Martin Antonio G. Zamora, President and CEO. "However, the higher LME nickel price and stronger US dollar tempered the impact on our revenues.” Owing to the higher LME nickel price during the period, NAC also recognized gains from its equity share in investments in the two HPAL plants in the combined amount of P1.09 billion against P244.1 million year-on-year. The stronger US dollar further enabled NAC to log a 353-percent hike in net foreign exchange gains from its foreign currency-denominated net financial assets to P863.5 million from P190.6 million the year prior. Total operating cash costs decreased by 2 percent year-on-year to P5.19 billion from P5.32 billion last year. On a per-WMT sold basis, total operating cash costs increased to P747 per WMT compared to P641 per WMT in 2021. For the Company’s renewable energy business, its subsidiary, Emerging Power, Inc. (EPI) energized in June 2022 another 38-megawatt (MW) solar farm in Subic, Zambales, bringing total capacity on this site to 100MW. For 2022, the Subic plant has been operating at an 18- 19% plant efficiency factor with 90% of generation contracted under power sales agreements. EPI has realized an average tariff of P4.65 per kilowatt hour. EPI has another 100MW service contract for the Subic site and will commence construction of a 68-MW farm in August. Completion is expected by the third quarter of next year. EPI was also chosen by Shell Overseas Investments B.V. to be its exclusive local partner in a solar, onshore wind, and battery storage joint venture that aims to contribute up to 3GW into the Philippines’ renewable capacity. NAC is evaluating a range of financing alternatives including accessing global debt capital markets to raise EPI’s share of the equity required for an initial 1GW target by 2028, among other uses. The Company’s strong financial position will allow it to be opportunistic in evaluating funding options that meet the primary objective of maintaining a flexible low-cost capital structure. “We remain confident that our mining and renewable energy businesses provide a solid foundation on which to realize the OneNAC Vision’s twin objectives, which is to become the premier ESG investment in the country and to be counted among the Top 25 PSE-listed companies in terms of market capitalization by 2025,” said Zamora. Article courtesy of the Philippine Stock Exchange
Philippine Resources - August 04, 2022
Further shallow copper mineralisation identified at MCB
Figure 3. Cross section of drill hole MCB-039 relative to the interpreted geology and significant assay results. We (Celsius Resources) are pleased to announce we have received further shallow and high-grade copper assay results from the ongoing drilling program at our flagship MCB copper-gold project, held under our Philippine subsidiary Makilala Mining Company, Inc. (“MMCI”). The results continue to identify new positions of shallow mineralisation which are in line with other recent drilling results from holes MCB-036, MCB-037 and MCB-038 (see CLA announcements dated 13 December 2021, 23 May 2022 and 4 July 2022 respectively) confirming the presence of an extensive shallow higher-grade position. The results from MCB-039 were designed to further expand the size of the shallow higher-grade copper zones which are considered to have an important positive impact on early mining options at MCB. The current drill hole in progress (MCB-040) is similarly designed to further expand the higher-grade copper mineralisation leading to potential improvements to the economics of the already positive Scoping Study at MCB as reported by Celsius on 1 December 2021. “The results from MCB are continuing to grow the size of the shallow higher-grade copper zones,” said Country Operations Director, Peter Hume. “We are getting much better definition now on the various high-grade zones, which are important for the optimisation of the MCB mine plan. We can see many good high-grade intersections coming together to expand on the earlier understanding of these high-grade zones. Where we get multiple high-grade zones staked on top of each other, we can achieve outstanding results, as recently announced from hole MCB-038 which intersected 611.4m @ 1.39% copper and 0.75g/t gold from 32.5m.” RESULTS FROM MCB-039 Drill hole MCB-039 was drilled to further confirm the interpretation that further shallow high-grade positions exist as a relatively flat body extending into the surrounding host rocks (see Figures 2 and 3). This drill hole was more specifically targeted to fill a gap in the drilling information where there was previously defined lower grade copper mineralisation. The results from MCB-039 have confirmed the further extensions to the higher-grade copper mineralisation as part of a series of relatively flat lying, high-grade zones which are extending away from vertically orientated feeder structures which are all closely related to an intrusive Tonalite rock (Figure 3). Figure 2. Location of MCB-039 drill hole relative to recent and historical diamond drilling at MCB. A large broader envelope of copper mineralisation at a lower cut-off grade at approximately 0.2% copper also continues to be better defined, highlighting the very large scale of the copper-gold mineralisation at the MCB deposit. Table 1: Significant intersections from drill holes MCB-039. Article courtesy of Celsius Resources. Full press release can be found HERE
Philippine Resources - August 04, 2022
Diokno banks on mining for sustained economic recovery, expansion
Photo credit: PNA - Finance Secretary Benjamin Diokno Finance Secretary Benjamin Diokno said the mining industry is a potential source of sustained economic growth as he underscored the benefit of mobilizing investments for mine development. “The mining industry holds the greatest potential to be a key driver in our economic recovery and long-term growth, especially now that world metal prices are high. The Philippines, after all, is one of the world’s most richly endowed countries in terms of mineral resources,” he said Wednesday at the listing of Philex Mining Corporation’s (Philex) common shares in the Philippine Stock Exchange (PSE). Philex is mobilizing investments for the development of its Silangan underground copper-gold mine in Surigao del Norte. In a disclosure to the PSE, the company said it is offering a maximum of 842 million common shares at the rate of one offer share for every 5.8674 shares owned for PHP3.15 each to raise a total of PHP2.652 billion new equity. The stocks rights offering (SRO) period started on July 12, 2022 and ended July 25, 2022. The Silangan project, considered one of the biggest copper-gold mines in the country, is planned to be mined in two phases. The first phase has a mineable ore reserve of 81 million metric tonnes which will be mined for 22 years at a rate of 4 million tonnes per year. The mine is targeted to commence commercial operations in the first quarter of 2025. Diokno said Philex’ SRO listing demonstrates the mining industry’s confidence in the country’s promising economic growth prospects. He said the offering means more jobs will be created, local economies will be reinvigorated, and additional revenues will be contributed to the government. The Department of Finance (DOF) estimates that the project will generate around PHP8.5 billion in excise taxes alone for its entire mine life. Diokno said the listing sends a strong signal to the mining industry that the country's capital markets are viable instruments for fast tracking the development of large mining projects. He said the Marcos administration is committed to continue creating an enabling environment for mining activities to flourish in the country as he looks forward to similar listings in the future. “We recognize that apart from boosting local development, mining is a strong magnet for investments that can propel our economy into a higher growth trajectory,” he added. Diokno said the government expects the mining industry to strictly adhere to responsible and sustainable mining practices. He said the mining industry should strike a balance between protecting the environment, uplifting local communities, and supporting the government’s socioeconomic agenda. “This is a non-negotiable condition so we can guarantee the sustainability of the industry and the strong economic growth of its host communities,” he said. Article courtesy of the Philippine News Agency
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