99.7% of FRC & PGPRC Workforce Vaxxed

by Philippine Resources - March 29, 2022

Photo: Masbate Gold Project

Masbate Gold Project’s total workforce reached a significant 99.7% Covid-19 vaccination rate.

“This statistic is incredible and truly exceeds anything I could have hoped for. It is the highest rate that I know of for any company, anywhere,” President of Phil. Gold Processing & Refining Corp. (PGPRC) Dan Moore stated in the message sent to all employees recently.

Dan Moore related that planning for the vaccination of the workforce started in mid-2020 and plans were tweaked to address challenges until its realization. He commended the team who managed the companies’ Vaccination Program headed by the Medical Team, OHS, Human Resources and Administration Departments.

As of the middle of February, fully vaccinated employees of both companies and their contractors comprised 2,170 of the 2,177 workers. The vaccination program is now focused on administration of booster doses and 1,567 employees have received their booster shots.

Geronimo Badulis Jr., Filminera Resident Manager also acknowledged the assistance of the Provincial Health Office (PHO) of Masbate, as well as the Rural Health Unit (RHU) of Aroroy in conducting the vaccination program for the companies’ workforce. Doctors and nurses from both the PHO and RHU administered the vaccination of the employees. “This is another testament of our dynamic partnership with our local government unit and officials,” said Badulis.

Meanwhile, a total of 10,500 doses of Moderna and AstraZeneca vaccines were donated to the Masbate Provincial Health Office as its contribution the host province’s vaccination program. In addition, about Php5 Million worth of cash assistance have been given by FRC and PGPRC to the Provincial LGU to amplify its COVID response efforts.

PGPRC and FRC commit to strive and contribute to the vaccination efforts to fight the spread of COVID-19 virus in the country.

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Philippine Resources - July 29, 2021

Divestment of Siana Gold Project

Photo Credit: Delta Earth Moving Binding Agreement to divest the Siana Gold Project to TVI Resource Development (Phils.) Inc. • US$19 million cash payable upon completion • Net Smelter Return royalty of 3.25% payable for up to 619,000 ounces of gold, with an estimated future face value of US$36 million (based on a US$1,800/oz gold price) (Royalty)1 • TVI Resource Development (Phils.) Inc. is in the advanced stages of securing funding to restart the Siana Gold Project, which is expected to re-commence operations in the first half of 2023 Red 5 Limited advises that it has entered into a binding agreement with TVI Resource Development (Phils.) Inc. (TVIRD) to divest its interests in Philippine company Greenstone Resources Corporation (GRC), which holds both the Siana Gold Project (Siana) and the Mapawa Gold Project in the Philippines (Agreement). TVIRD is the Philippine affiliate of the Canadian-listed TVI Pacific Inc (TSX-V:TVI). TVIRD has two operating mines and a number of other development projects in the Philippines with interests in gold, nickel and copper. Through its major shareholder, Prime Resource Holdings Inc., TVIRD has advised that funding to restart Siana is expected to be sourced from existing operating cash flows and debt funding if required, and is targeting a restart of operations in the first half of 2023. Red 5, GRC and TVIRD are committed to ensuring an orderly transition of ownership at Siana. TVIRD will become the 100% owner of GRC and therefore the divestment includes the process plant and all other infrastructure at Siana. The Royalty of 3.25% payable for up to 619,000 ounces of gold will be payable from first gold from the restart of the Siana processing plant. The Parties will now progress towards prompt completion of the Agreement. Upon completion of all closing conditions, which include certain Philippine regulatory approvals expected to be satisfied during the September 2021 quarter, Red 5 will receive gross proceeds of US$19 million through the repayment of outstanding shareholder advances due from its Philippine-affiliated company, Red 5 Asia Inc, which is a shareholder of GRC. Since the suspension of mining operations at the Siana project in 2017 and after considering various options for the project, the divestment of its interests in Siana is consistent with Red 5’s strategy to focus on its King of the Hills and Darlot gold mines in Western Australia, with the aim of becoming a substantial mid-tier Australian gold producer. PCF Capital acted as Financial Advisor to Red 5. HopgoodGanim Lawyers and SyCipLaw Center have acted as Legal Advisors to Red 5. Commenting on the transaction, Red 5 Managing Director, Mark Williams, said: “The Company has had a long history in the Philippines as a gold explorer, developer and ultimately, successful operator of the Siana Gold Project for a number of years through its Philippines affiliates and partners. Following the challenges we experienced in FY17, mining operations at Siana were suspended and we have since successfully pivoted to Australia through our dual acquisition of the Darlot and King of the Hills gold mines, which was completed in October 2017. “We are now well established on our growth trajectory in the Australian gold sector with the construction of the King of the Hills gold mine now in full swing and first gold production on track for the June Quarter 2022, complementing our nearby existing production base at Darlot. “I am proud of the excellent job the Philippines team has done in maintaining the asset during the period of suspension of mining activities and ensuring that strong community relations programs have continued. I am confident that TVIRD will build on these strong foundations as they move forward and bring the mine back into production for the benefit of all key stakeholders in the region. “From a Red 5 perspective, the transaction streamlines our portfolio, removes the annual holding cost of approximately A$6 million and crystallises a combination of cash value for our shareholders while maintaining future exposure to the upside at Siana via a capped Net Smelter Return Royalty of 3.25%. I would like to thank everyone who has been involved in assisting us with the transaction.”


Philippine Resources - November 28, 2021

Phil. Gold partners with LGU for Tourism and CDA Projects in Masbate Province

Phil. Gold Processing & Refining Corp. and the Provincial Government of Masbate through its Masbate Tourism Office, the Department of Agriculture (DA) and the Cooperative Development Authority (CDA) have forged a partnership to prime up two key development projects: organizing 10 cooperatives in the Municipality of Batuan and the full research and documentation of tourism sites of the whole Masbate province. These projects are part of the Provincial Government's people-driven approach to development.  The establishment of the ten cooperatives in Batuan came from a collective of the Agriculture Department's farmers’ organizations. The farm-based micro-industries started creating basic goods and services through the enabling mechanisms of the CDA, and increased livelihood and employment opportunities for the people in Masbate. Phil. Gold provided the cooperatives with office equipment such as laptops, projector with screen, steel cabinets and office desk.  A series of training programs, development inputs and broader partnerships will be held among the key stakeholders in the province to help the cooperatives become self-sustainable. The initiatives to create a tourist-appealing Masbate will include visual and auditory snippets of unique cultural narratives to make the province well-appreciated by vacationers. Phil. Gold donated photography and videography equipment such as cameras with accessories, computers and a drone to fully document the tourism sites of Masbate.  “I am very much thankful, and we really appreciate the efforts of Phil.  Gold to assist its host province to improve its services to the rest of the Masbatenos, not just their host communities,” says Provincial Administrator Rino Revalo, representing the Provincial Governor. This private-public partnership between Phil.  Gold and the Provincial Government of Masbate aims to spur development in the countryside, and is expected to enhance locals' livelihood and increase business activity in the region. Phil. Gold has created campaigns and educational programs that engage stakeholders by giving them a peek into Phil. Gold's operations, showing them how the company has provided jobs to the people in Aroroy, and has served as a catalyst for increased economic activities in Masbate.

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Philippine Resources - May 23, 2023


Photo credit: TVI Resource Development The Board of RTG Mining Inc. is pleased to announce that a comprehensive settlement of all outstanding issues with the Villar Family controlled Sage Capital and TVI Resource Development (Phils.) Inc. (“TVIRD”) has been reached and a binding Memorandum of Agreement signed. On execution of the final documents, expected in the next month, all litigation that RTG had launched will be withdrawn as part of an agreed restructuring of the Mabilo Project. The Villar Family is one of the most prominent families in the Philippines and RTG is pleased to partner with them in the development of the Mabilo Project, which is a significant mining project for the country. The key terms of the agreement for RTG include the following: RTG (through SRM Gold Limited) will retain a 40% interest in Mt. Labo Exploration and Development Corporation (“Mt. Labo”) with the project also developed by Mt. Labo, in line with Philippine regulatory requirements, with Sage Capital (which is owned by TVIRD) holding the remaining 60%; RTG will have a 2% net smelter royalty (“NSR”); RTG’s debt together with interest, currently in the order of US$27M (subject to audit) will be repaid out of the proceeds of Stage 1 of the project, the Direct Shipping Operation subject to customary requirements to address liquidity and ongoing operations of Mt. Labo; Funding arrangements for the project as between the major shareholders of Mt. Labo have been successfully renegotiated, (relieving RTG of a sole funding obligation) and replaced with a pro-rata funding obligation, together with a disproportionate funding obligation of Sage Capital, as set out below; With debt repayments in full and the NSR, RTG will be entitled to approximately 57% of the proceeds of Stage 1, the Direct Shipping Operation; RTG will be entitled to 40% of the operating cashflow of the project, together with the 2% NSR and repayment of its debt, which is currently in the order of US$27M; The first US$5M of expenditure for Mt. Labo (or 12 months of expenditure, whichever occurs the earlier), will be funded pro-rata between the two shareholders (ie RTG will provide 40%) and thereafter, Sage Capital/TVIRD will sole fund the next US$5M of expenditure, with all additional funding thereafter to be provided on a pro-rata basis; All parties are required to act in the best interests of the project and not compete; A shareholders’ agreement will be finalised which will provide typical minority interest protection clauses including reserve matters for voting including annual budgets and appointments of key personnel; Any disputes will be resolved by the Singapore International Arbitration Centre; and On completion of final signed documents, all litigation matters will be withdrawn and settled in full. With the restructuring of the Mabilo Project now agreed, over the balance of this year, the remaining permitting matters and financing plans will be finalised, a review of the 2016 Feasibility Study will be completed, together with finalising the acquisition of surface rights, following which, a commitment to development will be formalised by the Board of Mt. Labo. RTG is pleased with the outcome of the discussions and the co-operative and constructive approach adopted by the Villar Family representatives. RTG believes they can be a strong and positive partner to work with to take the Mabilo Project forward, with both a near term development and future exploration activities to expand the project, which will start to unlock the value of the project for all stakeholders, not only the local communities but for the country as a whole.


Philippine Resources - May 22, 2023

Mining Operational Excellence Through Digital Transformation

Part 1: Mining Operation Challenges and Mine Operations Management Domains 1 & 2. By Mae Ann Cabasag, EM Mining companies encounter numerous challenges throughout their operations. However, initiatives to mitigate these challenges and improve efficiency are often limited. Most of these limitations emanated from a common factor: the challenge of “poor visibility” in mining operations. A viable solution is to adopt digital transformation in mining operations by incorporating available real-time data into an integrated system— capable of ensuring automatic updates and reliable source of information. Through this, mining companies not only understand simulations and plans developed but also anticipate potential outcomes. Various mining industry analysts have found that using non-digital methods in the mining operations can lead to a 27% reduction in production time and 25% increase in data inaccuracy. For a mining company to remain competitive in an industry susceptible to operation challenges, i.e. production processes, workers’ and equipment performances, ore quality and quantity, compliance to regulations, and inter-departmental collaboration, it needs to embrace digital transformation. Dassault Systèmes Mine Operations Management provides transformative digital solution for mining companies to achieve excellence in their operations. Mine Operations Management (MOM) equips mining companies with an integrated system for their mining operations, enabling them to achieve efficient plan and schedule. This system integrates entire operation data into a single repository source of information, known as the “single source of truth”, ensuring complete transparency of the company’s processes from mine to port. By leveraging MOM, we can address the following global mining industry challenges: Maintaining competitiveness amidst market volatility. Eliminating waste materials, poor communication, and error duplication. Improving site productivity and efficiency. Utilizing assets and sharing best practices across the value chain. Ensuring an utmost level of safety. Reducing environmental impacts and achieving sustainable operations. The transformative digital solution, Mine Operations Management, is composed of eight work packages, split across four domains, namely: Data Management, Material Reconciliation, Operational Control, and Assets Performance. These domains help generate valuable insights from integrated operational data for rapid and informed strategic decision-making.  The Data Management consists of Master Data Model and Integration Framework packages essential for material tracking, stockpile management, task and workforce management, machine performance, and asset maintenance. It enables users to manage master data objects such as Site, Material, Location, Equipment, and Operator through manual data entry or third-party source systems.  With this, mining companies can ensure efficient and integrated management of critical data required for seamless operations. Material Reconciliation, on the other hand, consists of Material Tracking and Stockpile Management packages. Material Tracking enables us to track material movements across different stages, i.e. from the least accurate grade estimated in geological model to the most precise information on shipped material quantity and quality, to account for any inaccuracies. While in the Stockpile Management, users not only can calculate daily stockpile balance, add Survey or Sampling data, analyze inventory levels and trends, create graphical representation of the stockpile balances and movements, calibrate stockpile using volumetric survey and sampling, enables comparison of different models, track movement genealogy and review stockpile slices for stockpiles with LIFO and FIFO calculation type but can create a different type of analysis such as actual vs plan vs model. In the upcoming article, we will explore the two remaining domains of Mine Operations Management to where assigning operational tasks, tracking compliance to plan, monitoring equipment down to workers’ performance are feasible in the mining operations. To know more about MOM, mining innovations and solutions, contact Dassault Systèmes Value Solutions Partner: Paramina Earth Technologies Inc. through paramina_solutions@paramina.com   References: Make it happen for mine execution excellence: Dassault Systèmes®. MEGATrends. (n.d.).  https://events.3ds.com/make-it-happen-for-mine-execution-excellence  Dassault Systèmes. (2021, August 12). Digging deeper: The virtual solution for Mining Operational Excellence. Dassault Systèmes. https://discover.3ds.com/virtual-mining-operational excellence  dassault3ds. (2022, June 16). The mining industry needs to adapt, but how? Dassault Systèmes blog. https://blog.3ds.com/brands/delmia/the-mining-industry-needs-to-adapt-but-how/


Philippine Resources - May 22, 2023

Customer’s First Choice: Sandvik Philippines Delivers 11th and 12th Pantera DP1500i Drills to Filminera Resources Corporation

Sandvik Philippines has successfully commissioned and delivered to loyal customer Filminera Resources Corporation (“Filminera”) their 11th and 12th Pantera DP1500i Top-hammer Surface Drills last 25 January 2023 at the Masbate Gold Project (MGP) located in Masbate Island, Philippines. Photo shows Sandvik Technician Larry Lugnas (second from left) and Service Operations Manager Jorge Cabello (third from left) handing over the drills to MGP representatives. Located 360 km southeast of Manila, the Masbate Mine is operated by Filminera, the Philippine subsidiary of TSX- and NYSE-listed B2Gold with headquarters in Vancouver. In 2022, the mine produced a record-setting 212,728 oz of gold out of 7.93M tonnes of ore milled at an average grade of 1.11 g/t.  B2Gold also operates the Fekola Mine in Mali and the Otjikoto Mine in Namibia. Their projects under development include the Anaconda Area in Mali and the Gramalote JV Project in Colombia. The Masbate Mine started operating in 2008 initially using 4 x Atlas Copco ECM660 Drills owned and operated by the erstwhile mining contractor, Leighton. When the opportunity for re-fleeting came about in 2012, Sandvik succeeded in winning the tender which came packaged with a full maintenance contract for 24,000 service meter hours of five years. Ironically, the said maintenance contract almost led to the cancellation of the order for the first 4 x DP1500i due to a dispute with the rates. Eventually, both Leighton and Sandvik were able to arrive at a mutually acceptable arrangement, and Sandvik ran the service contract for five years without incurring penalties in the availability guarantees. The contract was so profitable, Sandvik even had to share some of the residual profit at the end with Filminera under the pain-and-gain proviso of the contract. The next re-fleeting opportunity came in 2017, with the Masbate Mine. This time, there was no service contract attached to the equipment and Leighton was no longer the mining contractor; the mine has shifted to owner-miner operation. Sandvik managed to secure the repeat order for another batch of 4x DP1500i, banking on the proven performance and reliability of the first four. That brings the total to 8 units. Drill numbers 9 and 10 were ordered in July 2020 and delivered in 2021. Numbers 11 and 12 in the photo above were ordered in January 2022 and are now handed over to the customer. Filminera ordered two more DP1500i’s in November 2022; these machines are now awaiting completion in Tampere, for delivery later this year. That should bring the total to 14 x DP1500i units spread over 11 years for our most loyal Pantera DP1500i customer in the Philippines – Filminera Resources Corporation!

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