Photo credit: Celsius Resources Celsius Resources Limited is pleased to declare a maiden JORC compliant Mineral Resource for the Sagay (SGY) Copper-Gold Project (“Project”), held under its Philippine Subsidiary Company, Tambuli Mining Co., Inc (TMCI) and located at the Island of Negros in the Philippines. The latest results suggest that the SGY Project hosts a large-scale porphyry copper-gold mineralisation. The Global Mineral Resource estimate comprises 302 million tonnes of 0.41% copper, and 0.11g/t gold, at a lower cutoff grade of 0.2% copper. The maiden Mineral Resource Estimate (MRE) is located at Nabiga-a Hill, within the broader SGY Project area. At Nabiga-a, the MRE has been defined by a total of 32 diamond drill holes which are very broadly spaced and have shown copper mineralisation over an extensive area from the surface down to 1.2km in depth. Celsius Resources Executive Director Peter Hume said: “The copper mineralisation at Sagay is truly large scale, with potential to develop into another significant copper deposit in the Philippines.” “We have only drilled a modest number of holes into this deposit but the large intersections have already defined 1.2Mt of copper. With open intersection at multiple positions and in multiple directions, we anticipate that further drilling will lead to substantial growth in the known copper mineralisation.” “We also have some evidence that higher-grade zones could exist within the huge lower-grade copper envelop. We look forward to the next phase of exploration which will also focus on investigating the possible extensions of these higher-grade positions closer to the surface.” Celsius Resources is still in the process of finding a suitable partner to develop the Sagay Project.   Article courtesy of Celsius Resources

Photo credit: Celsius Resources Celsius Resources is pleased to announce they have received further shallow and high-grade copper assay results from the ongoing drilling program at their flagship MCB copper-gold project, owned by its Philippine subsidiary Makilala Mining Company, Inc. (“MMCI”). The results continue to extend the envelope of the near surface mineralisation which complement previous drilling results from holes completed at MCB from 2021 to 2022 and validate the historical drilling information completed by Freeport-McMoRan. The results from MCB-041 are particularly significant as they have allowed the near surface higher-grade copper mineralisation envelope to extend further to the east. This location in general was previously only supported by one drill hole (MCB-010A – see Figure 1). MCB-041 has significantly expanded the footprint of the near surface, higher-grade copper mineralisation at MCB. Country Operations Director Mr. Peter Hume said: “Our drilling strategy was modified in 2022 to shift the focus from deep targets to the recently identified near surface higher-grade targets and it is starting to significantly pay off with better-than-expected results.” “We had previously interpreted that the high-grade targets were mostly at depth, but an analysis of the recent results, particularly from MCB-036* which intersected 59m @ 1.29% copper and 0.27g/t gold, MCB-037** which intersected 28.95m @ 1.12% copper and 0.06g/t gold, and now MCB-041, have confirmed the presence of a more extensive shallow copper mineralisation than previously understood.” “We expect these combined results will make a solid positive enhancement to the feasibility study which will commence in early 2023.”   Article courtesy of Celsius Resources

Photo credit: Bilyonaryo Integrated energy company Semirara Mining and Power Corporation (SMPC) set a new profit record during the first nine months of the year, as its consolidated net income surged 250 percent from P10.3 billion to P36 billion—more than double (122%) its 2021 net income of P16.2 billion. Its exceptional performance was mainly due to the combined effect of elevated market prices, all-time high coal production and higher spot electricity sales volume. “Historically, the third quarter is our slowest because of the rainy season and sluggish demand. But because of improved market prices, we did much better than expected,” said SMPC president and COO Maria Cristina C. Gotianun. For the third quarter alone, SMPC netted P10.2 billion, a 153-percent upswing from P4 billion during the same period last year. From January to September, average selling prices of Semirara coal rallied by 122 percent from P2,351/metric ton (MT) to P5,224/MT due to the surge in global index prices following Russia's invasion of Ukraine. Average Newcastle prices surged by 191 percent from US$121.70 to US$353.80 while average Indonesian Coal Index 4 expanded by 50 percent from US$56.10 to US$84.30. Nine-month coal production grew by 27 percent from 10.8 million metric tons (MMT) to a record 13.7 MMT due to controlled water seepage levels in Molave mine and better coal access in East Block 4 and South Block 5. Meanwhile, its power business posted a 216-percent increase in spot market sales from 489 gigawatt hours (GWh) to 1,546 GWh owing to a 5-percent uptick in plant availability, 7-percent improvement in gross generation and pivot away from bilateral contracts. Its average spot selling price rose by 38 percent from P5.30 to P7.33 on recovering demand, higher fuel costs and thin power supply margins.   Article courtesy of the Philippine Stock Exchange 

Atty Ronald Recidoro, Executive Director at Chamber of Mines of the Philippines, described the new Unnumbered Bill in mining as “Killing the goose to get to the golden eggs”. He expressed his sentiments and professional insights regarding the new mining bill during the recent Philippine Mining & Exploration Association (PMEA) Monthly Membership Meeting last 5th of September. Atty Recidoro was one of the guest speakers for this meeting.

Photo credit: Abogado The Board of Directors of Philex Mining Corporation recently announced that the Company generated a quarter of lower but positive results. Philex recorded a Core Net Income of Php210 million for the quarter, from P716 million of same period in 3Q2021, mainly due to lower copper prices, ameliorated with favorable foreign exchange rates and managed operating expenses. The 3Q2022 Core Net Income of Php210 million tapers off from the Php676 million achieved in 1Q2022 and the Php657 million posted in 2Q2022. This brings the 9M2022 core net income to Php1.543 billion, lower by 17% over the same period of 9M2021, attributable to lower copper price, decreased metal output, and higher power rates―despite the efficient deployment of operating costs and expenses. 3Q2022 EBITDA at Php611 million is lower than the P1.182 billion of 1Q2022 and P1.171 billion of 2Q2022, maintaining the positive trend during the first two quarters, topping up 9M2022 EBITDA to Php2.964 billion, a slight 7% decrease from the same period in 9M2021. Reported net income for 3Q2022 is Php240 million, a 67% decrease over the same period 3Q2021, while 9M2022 reported net income reached Php1.639 billion, a 13% decrease from 9M2021. Production and Revenues The Company showed consistent production output in the third quarter of the year. For 3Q2022, total tonnage milled was at 1.873 million tonnes, lower compared to the 2.006 million tonnes in 3Q2021 but slightly higher than the 1.859 million tonnes of 2Q2022. Gold output at 12,144 ounces in 3Q2022 was lower when compared to the 14,270 ounces of 3Q2021 on account of lower tonnage milled and slightly lower gold grade. On the other hand, copper ore grades remained higher and improved in 3Q2022 when compared with 3Q2021. The improvement in the copper ore grades mitigated the impact of lower tonnage milled to total copper output in 3Q2022 when compared with 3Q2021. The Company was able to maintain a sustained trend in metal output since 1Q2022 for both gold and copper mainly due to the resilient execution of mining plans. Revenues for 3Q2022 stood at Php2.245 billion and was 15% lower than revenues of the same period of 3Q2021 on account of lower gold and copper prices. However, the favorable exchange rate effect reduced the negative impact to the revenues in 3Q2022 when compared with previous periods. For the 9M2022 period, revenues at Php7.677 billion was slightly lower from revenues of 9M2021 at Php7.742 billion. Net revenues, after smelting charges were P2.044 billion for 3Q2022 and P7.058 billion for the 9M2022. Operating Costs and Expenses The Company’s operating cost and expenses for 3Q2022 stood at Php1.8 billion, higher than 3Q2021 of Php1.603 billion largely attributable to higher power rates and elevated cost of materials and supplies. In spite of the slight increase in purchase prices of materials and supplies, the Company continues to manage operating costs efficiently. For the 9M2022, operating cost inched up by 6% to Php5.118 billion from Php4.843 billion in 9M2021, mainly on account of higher power costs, higher procurement costs of materials and supplies as a result of the higher inflationary global environment brought about by the pandemic, and the Russian invasion of Ukraine. Silangan Project Ground works have already commenced at the Silangan Copper and Gold Project (“Silangan”) in Surigao del Norte, in accordance with its In-Phase mine plan, following the completion of the Stock Rights Offer (SRO) in August 3, 2022. To complete the funding requirement for the development of Phase 1 of Silangan, the Company has commenced the debt syndication process led by BDO Capital and Investment Corporation, the lead arranger. The Company is currently completing the Front End Engineering Design works. To date, the Company continues with the earthmoving works for the construction of the ventilation pad and the boxcut portal necessary for the commencement of the underground tunneling works. In addition, advance de-watering works are also being undertaken in preparation for the driving of the decline tunnel. Industry Outlook The mining industry in general continues to enjoy a healthy outlook in the country despite the current global concerns of high inflation, and industrial production and supply issues in countries such as China. The higher Peso to US$ exchange rate will however be a positive factor to the Company’s revenue which is denominated in US$. The Government under President Ferdinand Marcos Jr. has not waned from its resolve for mining to be one of the major contributors to accelerate economic recovery. In the recent Multi-stakeholder Forum organized by the Department of Environment and Natural Resources (DENR), the President emphasized the importance of utilizing and developing the country’s natural wealth and resources. “It is on the strength of Government support that we soldier on in the industry,” according to Eulalio B. Austin Jr., Philex President and CEO. “In spite of the current concerns worldwide, particularly on the high levels of global inflation, the volatility of currencies and of metal prices, we maintain a positive outlook, considering that copper, one of our major products, has been identified as a green metal necessary for the global fight against climate change. Philex will continue to raise the bar to promote right and principled mining, particularly where ESG, sustainability and, most especially, resiliency are concerned.” “Time is, indeed, of the essence, and we cannot afford to let our guard down,” according to Manuel V. Pangilinan, Philex Chairman. “Though the impact of COVID-19 has tapered off, we are still in the midst of a pandemic. Thus, we continue to tread cautiously. That said, I continue to have faith in the resilience of Philex and of the Filipino nation. I trust that on the basis of our sustained performance, 2022 will still be a relatively good year for the Company and for the industry. The recent pronouncements of the Government towards the mining industry has given us hope, as we strive even harder to contribute to the development of the mining industry in general, and uplift the lives of our host communities in particular”.   Article courtesy of the Philippine Stock Exchange

Photo credit: DENR   The Department of Environment and Natural Resources (DENR) has partnered with the Department of Labor and Employment (DOLE) to create new job opportunities in the country, particularly in the environment sector. The partnership was formalized with the signing of a memorandum of agreement (MOA) between Environment Secretary Maria Antonia Yulo Loyzaga and Labor Secretary Bienvenido Laguesma during the DENR Multistakeholder Forum held in Manila last October 5. Under the MOA, both agencies agreed to promote employment opportunities aligned with the protection and conservation of the country’s natural resources and ecosystems. Loyzaga said the DENR is now working closely with the DOLE in calculating how many jobs to cover by identifying all the regions, both land and coastal areas, which are in need of support in terms of forestation and implementation of the government’s greening programs. According to Loyzaga, the DENR’s Forest Management Bureau (FMB) is looking at the country’s geography and is in charge of mapping out possible areas where the so-called “green jobs” would be available. “There is a full range of opportunities available, and we hope that this may begin to serve as a strategic way of looking at how our environment and our economics might actually intersect, especially in the case of the most socially vulnerable, and most environmentally vulnerable geographies,” Loyzaga told a press conference after the MOA signing. The environment chief explained that understanding the country’s geography would help national government agencies in identifying unemployment rate, poverty incidence, and high value areas that would benefit the most from environmental employment opportunities. Unemployment rate worsened in August this year where a survey of 10,810 families nationwide showed that 2.68 million families were either unemployed or out of business, according to the Philippine Statistics Authority (PSA) report. On the other hand, PSA reported that the 2021 poverty incidence, which is the proportion of Filipinos whose per capita incomes are not sufficient to meet their basic needs, was at 18.1 percent or 19.99 million Filipinos which is higher than the 17.67 percent in 2018. Loyzaga said the green jobs – ranging from planting, forestation, monitoring, and upkeep of areas of concern – would alleviate unemployment in the country. The partnership is in line with DOLE’s Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers or TUPAD project that provides emergency employment for displaced, underemployed, and seasonal workers.

Photo credit: Atlas Consolidated Mining and Development Corporation Atlas Consolidated Mining and Development Corporation (“Atlas Mining”) completed the third quarter of the year 2022 with a reported net income of Php3.069 billion compared to the net income of Php3.477 billion for same period in 2021. Stable production in the three quarters sustained the improvement in net income. Atlas Mining’s wholly-owned subsidiary, Carmen Copper Corporation, reported copper metal production from 64.09 million pounds in 2021 to 54.82 million pounds in 2022 resulted from lower tonnage milled. In the third quarter of 2022, milling tonnage decreased by 11% from 14.22 million tonnes to 12.60 million tonnes. The reduction in copper metal production was mainly due to inclement weather experienced during the first four months of the year and this quarter. Copper grades decreased by 3% from 0.246% to 0.238%. Gold production decreased year-on-year by 13% from 19,562 ounces to 16,923 ounces due also to lower gold grades from 5.38 grams/dmt to 5.36 grams/dmt. Copper metal content of concentrate shipped decreased by 12% to 56.90 million pounds and gold content decreased by 11% to 16,377 ounces from 18,415 ounces. Metal prices remained low in the third quarter of this year where copper price decreased by 2% from $4.22/lb to $4.15/lb but gold price increased by 1% from USD1,803/ounce to USD1,827/ounce compared to the same period last year. Earnings before interest, tax, depreciation and amortization (EBITDA) was Php4.37 billion for the three quarters of 2022 compared to Php8 billion in 2021. Operating cost was adversely affected by higher energy and fuel prices, and higher waste charged to operations. Accordingly, cash generated from operations improved which enabled the additional loan payment of $74.6 million of Atlas Mining’s loans on the three quarters of 2022. With the partial repayment of loan, an accounting gain of Php1.45 billion was recognized in the third quarter of 2022.   Article courtesy of the Philippine Stock Exchange

Bulacan Governor Daniel Fernando announces the temporary lifting of the suspension of mining and quarry operations in the province, during his meeting with the truckers association and those involved in the mining sector on Thursday (Oct. 20, 2022). He lifted the suspension as he released the new Implementing Rules and Regulations based on the environmental code that the concerned sectors must comply with. (Photo by Manny Balbin) Governor Daniel Fernando on Thursday announced the temporary lifting of the suspension of mining and quarry operations in the province. Fernando announced this during his meeting with about 350 operators of trucking/ hauling companies, processing plants such as crushing/ pulverizing/ cement/ blasting companies, and bentonite/ boulders operators throughout the province, at the Hiyas ng Bulacan Convention Center here. The governor announced the temporary lifting of Executive Order (EO) 21 series of 2022 as he released the new Implementing Rules and Regulations (IRR) based on the environmental code that the concerned sectors must comply with. "I temporarily lift the suspension of EO 21 for you to resume your operations starting October 26 this year," he said. Fernando issued EO 21, which states the temporary suspension of all permits for mining, quarrying, dredging, desilting, and other types of mineral extractive operations within the province, on August 24 to address the issue of dilapidated roads and over-mining in the province. He earlier said the implementation of EO 21 would also give way to the pending evaluation of the provincial government to determine and come up with an updated matrix and policies for mining stakeholders and trucking companies. During the meeting that was led by the Bulacan Environmental and Natural Resources Office (BENRO), Fernando discussed the content of the executive order and IRR in response to the destruction of roads caused by the overloading of transport trucks, as well as the excessive volume of minerals and other commodities loaded in modified truck loaders. Lawyer Juvic Degala, chief of BENRO, said the IRR includes the prohibition of modified trucks and the excess volume of loaded minerals. Strict compliance in permit applications to operate regarding proper tax payment is also indicated in the guidelines. Also prohibited is the "Kabit System" or the umbrella operation of operators where they must pay a permit to the provincial government individually. Degala added that the IRR has a "one-strike policy" for those who already have a permit, either subjected to the cancellation or perpetual disqualification, and a "three-strike policy", which is the resumption or re-implementation of EO 21.    Article courtesy of the Philippine News Agency

Photo credit: Darren M Green / Shutterstock The Department of Environment and Natural Resources (DENR) is looking at the mining sector as one of the sources of the country's economic recovery as per the directive of President Ferdinand Marcos Jr. During a budget hearing of the Senate Committee on Finance on Tuesday, Secretary Toni Loyzaga said DENR is working with the Department of Finance and other government agencies to identify different financial dimensions of mining activities in the country. "We're also looking at building up the capacity of DENR to perform its duty on assessing the applications, observing and monitoring the mining activities, and analyzing the impact on communities and ecosystems," she told the committee. Loyzaga said the primary concerns of mining companies and investors are the constant changes in policies and the need to develop local processing of raw mining products. "Karamihan po ngayon na ini-export po natin is raw ore. So, kailangan po ng (Most of what we export now is raw ore. So, we need an) investment in the value-added processing para (so) we can actually realize the full value of what we are able to export," Loyzaga said. “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,” Finance Secretary Benjamin Diokno said in a previous statement, but cautioned the government expects the mining industry to adhere to responsible and sustainable mining practices. The country has been pitching investments in green metals such as nickel, cobalt, and copper, to American investors as part of the Department of Trade and Industry's "Make It Happen in the Philippines" investment campaign. Senator Cynthia Villar said 9.8 million out of about 30 million hectares of land were identified by the DENR with high mining potentials Villar said these areas can be explored for mining as it is not viable for agriculture. "Hindi rin natin magagamit sa agriculture ‘yan kasi hindi tutubo ang mga halaman kapag may mga metal sa ilalim (We cannot use that for agriculture because plants will not grow if there are metals underneath). That's how I understood it. So dapat i-mine mo and then i-rehabilitate nung (So, you can mine it and then it should be rehabilitated by the) mining company to become an agricultural land," the lawmaker said. "Kung kailangan niyo 'yung budget para mag-function well ‘yung Mines and Geosciences Bureau, humingi kayo ng (If you need budget for the Mines and Geosciences Bureau to function well, ask for an) additional budget but let's develop the mining industry now that they have allowed the open-pit mining," Villar added. She dismissed assumptions that mining is not good for the environment as long as it is legal. "Depende, kasi ‘yung mga legitimate miner, okay sila. Ang mga nagde-destroy ng environment (It depends, because the legitimate miners are okay. The one who destroys the environment) are the illegal miners. Huwag nating i-allow ang illegal miners at mag-encourage tayo ng (We should not allow the illegal miners and encourage the) legitimate miners," Villar said. The lawmaker divulged that most of the small-scale miners are just being used as fronts for illegal miners, according to local chief executives in the provinces that she visited. "Lahat sila legal dapat. Hindi nila gagamitin ‘yung small-scale miners para front ng (All of them should be legal. They should not use small-scale miners as the front of) illegal miners," Villar said. Senator Robinhood Padilla said it’s about time to review the Philippine Mining Act of 1995. Section 108 states that "any person who willfully violates or grossly neglects to abide by the terms and conditions of the environmental compliance certificate issued to said person and which causes environmental damage through pollution shall suffer the penalty of imprisonment of six months to six years or a fine of PHP50,000 to PHP200,000, or both, at the discretion of the court." "Yes, we feel it’s time to review the mining law, Loyzaga agreed, citing the need for stability of the business environment. DENR reported that the Philippines has an estimated PHP1.4 trillion in gold reserves and an additional PHP7 trillion worth of non-metallic reserves. The DENR requested PHP23.41 billion for its budget next year under the National Expenditure Program, PHP2.4 billion or 9.4 percent lower than its 2022 budget of PHP25.45 billion. By Wilnard Bacelonia   Article courtesy of the Philippine News Agency (With a report from Leonel Abasola/PNA)

The Department of Environment and Natural Resources (DENR) spent the first 100 days under the new administration of President Ferdinand “Bongbong” Marcos Jr. pursuing sustainable management and development of the environment while creating "green" jobs and ensuring investments and revenue for the government. In an accomplishment report dated Sept. 29, the DENR said it has been pursuing a "blue" and "green" economy, refering respectively on the fisheries and marine sectors, and agricutlure and forestry sectors, into which strategies to address climate mitigation and adaptation are incorporated. The DENR said it has prepared four resiliency roadmaps and Investment Portfolios for Risk Resilience (IPRRs) for the climate-vulnerable provinces of Eastern Samar, Northern Samar, and Siquijor, as well as climate-vulnerable city of Metro Iloilo. By December 2022, 12 more resilience roadmaps are expected to be completed for nine climate vulnerable provinces and three major urban areas. For the "green"economy," the DENR said from July to August 31, it developed 646 hectares of forestland and produced 702,470 seedlings benefitting 3,605 CBFM-People's Organization (PO) members nationwide, and provided Enterprise Livelihood equipment to POs in Regions 5, 6, 9, 10, and Cordillera. A total of 944 Forest Extension Officers and 154 Technical Staff have also been hired under the Enhanced National Greening Program, while a total of 1,937 jobs were generated and 1,548 persons were employed in nursery establishment, seedling production, plantation establishment, maintenance and protection, the DENR said. The agency also strengthened the government's Anti-Illegal Logging and Forest Protection Program by renewing a total of 3,215 forest patroller contracts to implement the Lawin Forest Protection and Biodiversity System. Also, 163 lawyers/legal researchers/legal assistant contracts were renewed to speed up the resolution of forestry-related cases, it added. For the "blue economy," the the DENR said from July 1 to Sept. 15, 2022, it monitored 50 priority water bodies with 44 of them passing the water quality standards for Dissolved Oxygen (DO) and 42 waterbodies passing the water quality standards for Biochemical Oxygen Demand (BOD). Still part of its Clean Water Program, pursuant to Republic Act 9275 or The Philippine Clean Water Act of 2004, the agency also monitored 268 esteros/water bodies, of which 156 exhibited significant improvements in BOD, while 160 other water bodies showed water quality improvements in DO. A total of 2,365 estero/river rangers were also hired to monitor, protect, clean up, and rehabilitate the bodies of water draining to the Manila Bay, the DENR said in its report. As to Boracay Island in Malaybalay, Aklan, the DENR hired a total of 40 Boracay Environmental Lawin patrollers and 22 support staff for the Boracay Action Plan. Some 19 Lawin patrollers/beach watch patrollers in Panglao and and 19 personnel in Siargao were also hired to protect beaches designated as Green Economy Model sites, the installation of signage for no build zone, and other activities. The DENR has also issued one Community-based Forest Management Agreement (CBFMA) to the Kawasan-Inuralan Farmers Association, Inc. covering a total area of 49.36 hectares in Region 10; and two Provisionary CBFMAs to the Singclot National Greening Program Consumers Cooperative covering 136.57 hectares and the San Isidro Upland Farmers Consumers Cooperative covering 356.66 hectares in Region 9. Responsible mining In the mining sector, the DENR said the Mines and Geosciences Bureau has issued 797 mining permits/contracts from July to Sept. 15, 2022. Currently, 79 mining projects are being planned to start near-term and/or medium-term mining operations that will bring in total investments of PHP430 billion, revenues of PHP93.14 billion, and jobs to 16,275 individuals, the agency said. "All priority mining projects are expected to earmark a total of PHP6.904 billion in Environmental Protection and Enhancement Programs expenditures," the DENR added. The DENR also monitored the handling of infectious wastes in 42 treatment, storage, and disposal facilities. Of these, four facilities were found non-compliant, hence, issued with Notice of Violations.   Article courtesy of the Philippine News Agency

Photo Global Ferronickel Holdings, Inc. (FNI), a diversified Filipino company with interests in nickel ore mining, logistics, cement and steel production, and port operations, on Friday signed the definitive agreement giving it a pivotal 20% stake in Guangdong Century Tsingshan Nickel Industry Co., Ltd. (GCTN) through the purchase of shares in GHGC Holdings, Ltd. (GHL). GHL owns 90% of the GCTN stock portfolio. GCTN is a nickel alloy enterprise in China operating one of the world’s advanced smelters with RKEF technology in a 33-hectare facility employing over 600 employees. The plant uses a rotary kiln technology that produces about 28,000 tons of pure nickel annually. GCTN caters to customers in Guangdong’s Economic and Technological Development Zones and abroad. “The acquisition is expected to create reliable and consistent synergies between FNI as a nickel ore supplier and GCTN as a value-added processor, and support our ongoing diversification projects to boost profitability,” said FNI President Dante R. Bravo. This initiative will help manage risks, optimize value to stakeholders, and develop downstream integration of the value chain. To complement its expansion targets, the Company continues to pursue investments in high-growth firms and industries that can enhance operational and cost efficiencies. FNI counts Platinum Group Metals Corporation (PGMC) as a subsidiary and Ipilan Nickel Corporation (INC) as an affiliate. PGMC is a leading nickel ore producer, while INC has just conducted its maiden shipment of nickel ore to China.   Article courtesy of the Philippine Stock Exchange

Photo: Ceremonial turn-over of DMPF requirements to the Mines and Geosciences Bureau-Cordillera Administrative Region (MGB-CAR). In photo, left to right: MMCI Monitoring and Evaluation Supervisor Anne Zee Luz Laguerder; CLA Executive Director and MMCI Country Operations Director Peter Hume; MGB-CAR Regional Director Fay W. Apil; MGB Mine Management Division Chief Alfredo J. Genetiano; and MMCI Project Mining Engineer Patrique Jane Duran. Credit: Celsius Resources Celsius Resources is pleased to announce it has submitted all the required documents for the Declaration of Mining Project Feasibility (DMPF) for its flagship Maalinao-Caigutan-Biyog (MCB) copper-gold project, which is held by its Philippine subsidiary Makilala Mining Company, Inc. (“MMCI”). Following the completion of the scoping study, all the major documents to support the application for DMPF were developed and completed in time for submission to the Mines and Geosciences Bureau-Cordillera Administrative Region (MGB-CAR) before the end of September 2022. This includes the Mining Project Feasibility Study Report, Final Exploration Report, Environmental Impact Statement Report, Environmental Protection and Enhancement Program, Final Mine Rehabilitation and/or Decommissioning Plan, Social Development and Management Program, Care and Maintenance Program, and LGU Project Endorsements, amongst others. Prior to the submission, the environmental, social and mine closure plans went through a rigorous consultation process with the host community and local government stakeholders to ensure local content integration. These plans are part of the Philippine Government mining policy reforms whereby social and environmental safeguards are integrated into the overall mine development and operations plan. “With the submission of the DMPF, we are inching closer to harnessing the potential of the MCB Project to bring about significant economic value to both our shareholders and stakeholders in an ethical and sustainable manner,” said Celsius Resources Country Operations Director Peter Hume. A technical presentation is underway during the first week of October as part of the MGB review and evaluation process. The DMPF approval will trigger the next stage of obtaining a Mineral Agreement with the National Government which is anticipated by the end of 2022 and pave the way through to construction and operations. Being a priority project of the government, MGB has been very supportive in fast-tracking the permitting and projects approvals (see CLA Announcement dated 24 February 2022). Meanwhile, results from drill hole MCB-040 have been received, which continue to identify new positions of shallow mineralisation in line with other recent drilling results (see CLA announcements dated 13 December 2021, 23 May 2022, 04 July 2022, and 03 August 2022) confirming the presence of an extensive shallow higher-grade position. The results provide a much better definition now on the various high-grade zones, which is important for the optimisation of the MCB mine plan prior to commencement of mine operations. Excellent high-grade intersections are coming together to expand on the earlier understanding of these high-grade zones.  It appears multiple high-grade zones are stacked on top of each other, which 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. These results are a continuation of the shallow high-grade zones.   Article courtesy of Celsius Resources. View the full press release HERE

Photo credit: PH-EITI The Philippine Extractive Industries Transparency Initiative (PH-EITI) convened its first Multi-Stakeholder Group (MSG) meeting under the Marcos administration on Friday (September 16), two weeks after the country reaffirmed its commitment to implement the EITI. EITI is the global standard for transparency and accountability in the oil, gas, and mining sectors. The MSG – the body that governs EITI implementation in the country – is chaired by the Department of Finance (DOF) and composed of representatives from government, industry, and civil society. The government began implementing the EITI in 2013 pursuant to Section 14 of Executive Order No. 79, s. 2012 and Executive Order No. 147, s. 2013 that created the PH-EITI. “This meeting demonstrates the government’s continuing commitment to improve transparency and accountability in the extractive industries,” said Finance Undersecretary and PH-EITI Focal Person and Chair Cielo Magno. To improve resource governance, the MSG agreed to strengthen spaces for multi-stakeholder participation and advocate for more spaces along the extractive industry value chain. The group also agreed to include an MSG report on the status of civic engagement in the annual country report. The MSG also discussed remaining initiatives for 2022, including the production of the FY 2021 PH-EITI Country Report, the 2022 National Conference, and a planned visit of EITI Chair and former New Zealand Prime Minister Helen Clark to the Philippines in November 2022. The PH-EITI publishes independently reconciled data on oil, gas, coal, and mineral resources through an annual and comprehensive country report. To date, the PH-EITI has produced seven country reports, reconciling over P362.5 billion in government revenues from extractive projects from 2012 to 2019. Aside from disclosing extractives data to inform research and policy recommendations, the PH-EITI also provides space for multi-stakeholder participation in resource governance.   Article courtesy of the Department of Finance

Photo credit: EITI / CC BY-SA The Marcos administration demonstrated its commitment to pursue transparency in natural resource governance by rejoining the Extractive Industries Transparency Initiative (EITI) and enabling the continued development of the mining sector. In a letter to EITI Chair and former New Zealand Prime Minister Helen Clark, Finance Secretary Benjamin Diokno cited the value of good governance and anti-corruption measures in maximizing the extractive sector’s contribution to resource mobilization and sustainable economic growth. EITI will complement the administration’s agenda on transparency and accountability. “We welcome the opportunity to re-engage in EITI. We also commend the progress of the EITI Board in reviewing the validation standard and making it more relevant to implementing countries. We believe that EITI is an important tool for resource-rich countries like the Philippines to improve transparency and increase accountability in the management and governance of the extractive industries,” said Secretary Diokno. Secretary Diokno said that other government agencies, as well as industry and civil society stakeholders who have been actively implementing EITI in the country, are supportive of the move to rejoin the global initiative. On June 20, 2022, the Philippines through the Department of Finance (DOF) withdrew its participation in the EITI over concerns on metrics and procedures used for assessing country compliance with the international organization’s transparency requirements. In an August 23, 2022 letter, EITI Chair Helen Clark invited Secretary Diokno to re-state the country’s commitment to the EITI on behalf of the Marcos administration and build on the progress that the Philippines has achieved in the past nine years. The PH-EITI multi-stakeholder group is chaired by the DOF and is composed of representatives from government, industry, and civil society. The government began implementing the EITI in 2013 pursuant to Section 14 of Executive Order No. 79, s. 2012 and Executive Order No. 147, s. 2013 that created the Philippine EITI (PH-EITI). Annual disclosure of contracts, financial, economic, social and environmental data is mandatory for extractive industries pursuant to the Department of Environment and Natural Resources (DENR) Department Administrative Order (DAO) No. 2017-07. To date, the PH-EITI has produced seven country reports, covering data from mining, oil, gas, and coal industries and reconciling over P362.5 billion in government revenues from extractive projects from 2012 to 2019. In 2017, the Philippines was recognized by the EITI as the first among 50 plus countries in the world to have fully complied with the 2016 EITI Standard. The EITI updates its standard every three years and subjects member countries to validation to ascertain their compliance. Secretary Diokno said that the Marcos administration is committed to engage and unite various stakeholders in pursuing good governance and policy reforms in the country. “Rest assured that we remain committed to pursuing good governance in the extractive sector,” said Secretary Diokno.   Article courtesy of the Department of Finance

Socioeconomic Planning Secretary Arsenio Balisacan joins the panel discussion of the Philippine economic briefing in New York on Sept. 22, 2022. Balisacan cited the economic growth drivers in the country which include agriculture and mining. (Screenshot from Bangko Sentral ng Pilipinas Facebook page) Socioeconomic Planning Secretary Arsenio Balisacan on Thursday cited agriculture as a vital growth driver for the country, while mining industry should be further explored to increase its contribution to the economy. "We have to reinvigorate agriculture, thus that the high price of food affect everyone and influence the movement of the economy," he said in a statement during the Philippine economic briefing in New York. Balisacan, who is also the National Economic and Development Authority (NEDA) chief, said agriculture is an "obvious" growth driver for the economy as President Ferdinand "Bongbong" Marcos Jr. has pronounced that this is a priority sector of his administration. He said responsible mining is a major source of economic growth and the government should promote this industry. "As we understand from our Environment Secretary, only 6 percent of extractable resources have been mined. There's so much room for expanding that and transform that wealth into other forms of wealth," he added. The country has been pitching investments in green metals such as nickel, cobalt, and copper to American investors as part of the Department of Trade and Industry's "Make It Happen in the Philippines" investment campaign. Balisacan said the country has to revive its manufacturing sector as this is a good source of quality jobs and has a tremendous impact on poverty reduction. The economist cited tourism and information technology and business process management, along with health and pharmaceutical industry, as low-hanging fruit for the economy. Other major growth drivers for the country include construction due to the huge housing backlogs, public-private partnerships, and connectivity.   Article courtesy of the Philippine News Agency