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TMC pays P75.5 million in taxes to Claver LGU
by Philippine Resources - April 20, 2021
As part of its commitment to contribute to local economy, Taganito Mining Corporation (TMC), a subsidiary of Nickel Asia Corporation (NAC), handed over its tax payments amounting to P75.5 million to the municipality of Claver.
The payments consist of P 65,329,304.37 million in Business Tax and P 10,169,769.60 in Real Property Tax which were handed last December 14, 2020 and January 20, 2021, respectively.
The handover of tax payments was led by Mine Accountant Cristy Mae Comandante-Pariño, Division Manager Salvador Cabauatan and Comrel Manager Roel Paniza.
On behalf of Claver LGU, the tax payments were received by Municipal Treasurer Caryl Cagas-Lukban, in the presence of Municipal Administrator Atty. Jeffrey Galido and Sanggunian Bayan members.
“TMC is committed to creating a positive impact in our host and neighboring communities and one way we do this is by ensuring timely payment of our taxes which translates into projects and services for the community. This is on top of our Social Development and Management Program (SDMP) and Corporate Social Responsibility (CSR) program funds,” shares TMC Resident Mine Manager Artemio E. Valeroso.
Based on data from the Commission on Audit consolidating the total assets of LGUs in 2019, the mining town of Claver ranked 1st among the richest municipalities in Mindanao with P 1.91 billion worth of assets. Meanwhile, Surigao del Norte ranked 6th among the richest provinces in the country with P 16.68 billion worth of assets.
TMC is a four-time awardee of the Philippine Extractive Industries Transparency Initiative for Excellence in Reporting of payments made to the government. TMC also ranked 14th among the Department of Finance’s list of Top 500 taxpayers who filed their income tax returns ahead of the deadlines which were deferred due to lockdowns during the pandemic.
In response to the coronavirus pandemic, TMC has mobilized over P 19.1 million to extend relief goods, medical supplies, test kits and other assistance to its host and neighboring communities in the province of Surigao del Norte.
Philippine Resources - March 10, 2021
THPAL Wins First PMIEA Award
Presidential Mineral Industry Environmental Award (PMIEA) from the Mines and Geosciences Bureau (MGB) and of the Department of Environment and Natural Resources (DENR) has awarded Mineral processing plant Taganito HPAL Nickel Corporation (THPAL) with its first presidential award, the Best Mining Forest Award in the mineral processing plant category for 2020. MGB and the Philippine Mine Safety and Environment Association (PMSEA) have also awarded THPAL as runner-up in the safest mines award in the same category. Started in 1997, the annual awards industry players for "outstanding levels of dedication, initiative, and innovation in the pursuit of excellence in environmental management, development of host and neighbouring communities, land use improvement, exploration, and mining site rehabilitation and final decommissioning." In spite of the pandemic, the awards ceremony still pushed through, said MGB. The awards committee has conducted offsite validations on 18 contenders through the use of technology and with the help of the MGB's regional offices. "This recognition speaks of THPAL’s commitment towards community transformation, environmental protection, and promotion of safety culture. This is in line with the philosophy of total development by improving the quality of life while caring for the wealth of creation given to mankind. The Management is grateful to all employees who exerted their tireless effort to make THPAL’s commitment possible, and this award is just an outcome of such relentless dedication,” THPAL Plant Manager Osamu Nakai said.
Philippine Resources - March 29, 2021
MGB-Caraga Approves THPAL's Social Development Plan for 2021
Taganito HPAL Nickel Corporation's (THPAL) Social Development and Management Program (SDMP) plan for 2021 has been approved by the Mines and Geosciences Bureau (MGB) in Caraga Region (MGB-13), led by Director Glenn Marcelo Noble. THPAL's annual SDMP programme, according to a statement, includes planned investments "aimed at building self-reliant, self-sustaining, and managing populations." The THPAL SDMP includes funding for childcare, schooling, livelihood, public utilities and infrastructure advancement, and socio-cultural protection, according to the organization. Surigao del Norte's mining town of Claver will earn PHP12.8 million for coronavirus disease (Covid-19) vaccine procurement as part of the SDMP allocation, which is meant for the host and surrounding areas where it resides. The corporation said that it would collaborate with the local government unit to obtain vaccinations for 28,000 people, or 70% of the local population. "The company's SDMP aims to help cushion the impact of the pandemic, and we are hoping that vaccination can be done soon so we can all move forward and work on the rebuilding of our economy," said Genevieve Chua, THPAL community relations manager. THPAL is a hydrometallurgical processing plant that converts low-grade nickel laterite ore to nickel and cobalt mixed sulfide using the "high-pressure acid leach" technique. The stock is shipped to Japan, where it is further refined into medical devices, electrical batteries, and other industrial materials.
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Philippine Resources - May 07, 2021
Semirara Mining Expects Profit Recovery This Year
Semirara Mining and Power Corp. (SMPC), a publicly traded integrated energy firm, expect some profit recovery this year, owing to improved coal and power demand and costs. SMPC chairman and CEO Isidro Consunji said at the company's virtual stockholders' meeting that the company's bottom line will boost as the coal and energy markets rebound from last year's historic lows. “To take advantage of the upswing, we will capitalize on our COVID-19 resiliency and adaptation strategy of focusing on our people, finances, and execution skills. However, given our operational headwinds and until our country reaches herd immunity, it is unlikely that we will return to our pre-pandemic profit level this year,” he said. The business ended in 2020 with a combined net income of P3.3 billion, down 66% from P9.6 billion the previous year. Revenues dropped 36.2 per cent to P23.3 billion as coal production, sales, and prices fell, while energy sales fell due to low power rates and Southwest Luzon Power Generation Corp's (SLPGC) expected and unplanned outages. The coal division of SMPC and the SLPGC plants will be the key drivers of development this year. With remedial steps introduced in Molave North Block 7 (NB7), the coal industry is expected to reach 13 million metric tons, according to SMPC president and COO Maria Cristina Gotianun. “This year, we expect our coal business to perform better on the back of recovering consumption and prices. The remedial measures we have been implementing since December have also allowed us to steadily normalize production. Now that the water seepage at NB7 has gone down to manageable levels, we expect annual production to hit 13 million metric tons,” she said. Due to excessive water seepages, SMPC postponed mining operations in Molave NB7 in early December, reducing coal output by 13% to 13.2 million metric tons. SLPGC is expected to drive profits in SMPC's power market due to higher sales, but Sem-Calaca Power Corp. (SCPC) is expected to produce poor performance. SCPC is the owner of the Calaca coal-fired power plant in Batangas, which it bought from the government in 2009 for $362 million. In the same location, SLPGC operates a 2x150-MW coal power plant. “For this year, we expect uneven results from our power subsidiaries. SLPGC is set to stage a strong profit recovery because of higher plant availability and better spot market prices. Unfortunately, SCPC is likely to deliver disappointing results because of the forced outage of its Unit 2 beginning Dec. 3 last year,” Gotianun said. SCPC's outage was triggered by a seven-month-old generator stator failing. Repairs are currently being negotiated with generator provider GE, according to Gotianun. “While they have agreed to cover the majority of the costs related to fixing the equipment, we are intent on making them shoulder all the necessary expenses. We expect to complete our negotiations within the year,” she said. “In the meantime, we are doing our best to fast track the repair of the generator. If all goes well, Unit 2 can be up and running by the third quarter of this year,” Gotianun said. This year, SMPC will invest P4 billion to rebound from last year's slump. The overall sum will be divided between SCPC and SLPGC for their prevention and repair services, with P2.9 billion going to buy mining and service equipment for the coal industry. Since the COVID-19 pandemic placed a burden on the company's liquidity last year, the management agreed to delay P3.7 billion of CAPEX to this year as part of its cash saving steps.
Philippine Resources - May 07, 2021
Australian Mining Firms Show Interest in the Philippines
According to Australia's Ambassador to the Philippines, Steven Robinson, several Australian mining firms have shown interest in mining in the Philippines, and the recent lifting of a nine-year ban on new mining ventures has paved the way for the possibility of responsible and world-class mining. Robinson said that mining if conducted safely and in accordance with international standards, could help the Philippines recover from the effects of the pandemic's economic impact. “The miners that we already have here—Orica [Philippines], OceanaGold, Red 5 [group], a number of them—are already thinking about what the future holds for them as a result of that ban being lifted,” he said in a virtual briefing on Monday. “They have started to reach out to us just in recent times to express interest in mining across the Philippines. I think that is a very positive step for the Philippines and good for Australian miners here,” he added, when asked to comment on the lifting of the ban. Malacanang recently released Executive Order No. 130, effectively lifting the nine-year ban on new mining deals. The order reversed a clause of then-President Benigno Aquino III's Executive Order No. 79, which was issued in 2012. The EO included a clause prohibiting the issuance of new mining licenses or mining output sharing arrangements unless a new revenue-sharing scheme was established. President Rodrigo Duterte said that the mining tax scheme included in the Tax Reform for Acceleration and Inclusion (TRAIN) Act had already met the EO's requirements. The TRAIN Act increased the excise on minerals, mining goods, and quarry services from 2% to 4%, lowering personal income taxes while increasing consumption taxes. Duterte previously stated that the country had only used about 5% of its natural wealth. According to the Australian ambassador, this demonstrated that there was something that could be achieved in the world to assist in its economic recovery. “The Philippines is a natural resource-rich country, and there’s much that could be done here that will really benefit the Philippines’ recovery, and Australian firms know that,” Robinson said.
Philippine Resources - May 07, 2021
AC Energy Focuses on 12GW of Renewable Energy Projects
AC Energy (ACEN) is operating on approximately 12 gigawatts (GW) of renewable energy (RE) projects, more than double its goal of five GW for 2025, as it strives to become Southeast Asia's largest listed RE network. At COL Financial's briefing, ACEN President and CEO Eric Francia said the 12GW of projects placed the Ayala-led company in a fantastic position to achieve its long-term goals. Solar and wind platforms will make up the majority of the projects it plans to begin in 2021. With 5,200 megawatts (MW), Australia leads the way, followed by the Philippines with 3,400MW, Vietnam with 2,400MW, and India and other Asia-Pacific countries with 900MW. 1,000MW of the 12GW projects in the pipeline are expected to reach financial close in the next six to twelve months, bringing the company more than halfway to its target. By the end of the year, ACEN hopes to obtain regulatory clearance for the influx of foreign funds. The Ayala Group's power arm is maintaining a follow-on offering (FOO) until Friday, with shares priced at Php6.50 per share. “We are grateful for the continued support of our regulators and for the overwhelming response we received from the institutional investors during the book-building process. The exceptional investor support reinforces AC Energy’s position as the region’s leading renewables platform,” Francia said in a statement disclosed to the Philippine Stock Exchange. The FOO is part of a five-step effort by the company to generate Php30 billion for clean energy programs this year. “The FOO completes the company’s successful fundraising efforts this year and allows it to play a meaningful role in the green-led recovery,” Francia added.