The national government has allotted PHP2.8 billion for the construction of the Tacloban causeway project that will provide a shorter route from the city’s downtown to the airport, the Department of Public Works and Highways (DPWH) said on Friday.

DPWH-Eastern Visayas Director Edgar Tabacon said the civil works have an accomplishment rate of 9.66 percent as of this month using the appropriations in 2022 and 2024.

The budget will allow the DPWH to build a 1.43-kilometer portion of the 2.56-kilometer causeway from the city’s Magsaysay Boulevard to the airport complex, crossing the Cancabato Bay.

“The vision is not just to build infrastructure, but to build structures that will draw tourists and investments to the city,” Tabacon said.

The official is upbeat that the remaining PHP1.99 billion budget requirement will be allocated in 2025 and 2026, as committed by the House of Representatives.

The first of its kind in Eastern Visayas, the causeway will serve as an alternate route for motorists from the city’s commercial district going to the airport, reducing distance, travel time, and vehicle operating costs.

This project involves the construction of a four-lane road embankment that spans about 2.56 kilometers with a bridge at the center. It will also feature separate bike lanes, concrete canals, sidewalks, as well as wave deflectors on both sides.

The causeway will cross Cancabato Bay starting at the city hall complex on Magsaysay Boulevard up to the Kataisan point of the Tacloban Airport in the city’s San Jose District.

Travel time will be reduced to only 10 minutes from the current 45 minutes.

The structure will complement the future new airport terminal building designed to accommodate international flights.

Aside from being an alternative highway, the causeway will also shield communities from destructive waves.

In loving memory of Bernabe “Abe” Almirol, journalist (August 25, 1969 – September 17, 2023)

Being a player in the mining industry, investing in a reliable benchtop ED-XRF analyzer that will deliver a precise, rapid, and non-destructive analysis of ore samples is crucial for laboratory operations, and the accuracy of assay results directly impacts the operational success.

The Spectro Ametek Xepos ED-XRF, distributed exclusively in the Philippines by QES Technology Philippines, Inc., is used by nearly 90% of assay laboratories in the nickel ore mining industry, so here is why it's worth examining how the Spectro Xepos is driving transformation across the sector:

Precision and Reliability: The Standard in Elemental Analysis

The Spectro Ametek Xepos 05 ED-XRF is not just another analytical instrument; it is the top-of-the-line model, incomparable with any other ED-XRF in the market, since it comes comparable with the WD-XRF performance. Even with sample preparation as a pressed powder pellet, the SPECTRO XEPOS offers an easy-to operate, robust and accurate analysis system. Based on the high stability of the instrument combined with sophisticated spectra handling, the analysis of Ni, Co, Fe2 O3 as well as of other components can be done with high precision and accuracy.

Efficiency and Cost-Effectiveness: Lower costs

One of the standout features of the Spectro Ametek Xepos 05 ED-XRF is its efficiency. Traditional methods of ore analysis can be time-consuming and labor-intensive, often requiring extensive sample preparation and long wait times for results. The Xepos 05 ED-XRF, however, offers rapid analysis with minimal sample preparation as pressed pellets, significantly reducing turnaround times and increasing productivity and higher throughput in assay laboratories.

After Sales Support: QES Technology Philippines, Inc.

The extensive installation base of the Spectro Xepos in the Philippine Mining Industry is a testament to the effective partnership between QES and the mining companies. As the exclusive distributor in the country, QES has played a pivotal role in assuring best support with its team of experts to the local mining industry with strategically positioned service centers and offices in Pampanga, Manila, Cebu, and Surigao City. QES is committed to delivering immediate comprehensive support services, including installation, training, calibration and maintenance to its valued clients.

In conclusion, the widespread use of the Spectro Xepos ED-XRF in the Philippine nickel ore mining industry highlights the high quality and reliability of the equipment, up to its after sales support. With the support of QES Technology Philippines, Inc., this equipment is setting benchmarks for accuracy and efficiency on ED-XRF. As mining operations continue to rely on such analytical technology, a Spectro Xepos in the laboratory will ensure consistent and accurate results that drive profitability and compliant with industry standards, making it a smart, essential investment for your mining operation.

For a hands-on experience with their equipment and other mining solutions, schedule a visit of the Spectro Xepos demo units at the head office located at Unit 507, Page 1 Building, Acacia Avenue, Madrigal Business Park, Ayala Alabang, Muntinlupa, 1780 Metro Manila, Philippines or at National Highway. KM. 4, Brgy, Luna, Surigao City. For consultations and quotation requests, you can contact them at +632 771 1248 or via email at qtpmarketing@qesnet.com, or explore their offerings on their website at www.qesnet.com.

by Rocky Dimaculangan VP and TSM National Coordinator Chamber of Mines of the Philippines

The Chamber of Mines of the Philippines (COMP) has, for over a dozen years now, been encouraging its members not only to comply with the law – which should be part of their organizational ethos in the first place – but also to undertake voluntary initiatives that demonstrate recognition of their responsibility to mitigate the impact of their activities on people and the environment, to strengthen stakeholder relationships, and to foster community growth and development.

This “Beyond Compliance” approach has gained more significance in recent years with mankind’s growing need to produce new technologies, including electric vehicles, wind turbines, solar panels and batteries, to address the long-term global shift in temperatures and weather patterns towards a greater energy transition. 

“Producing the minerals needed to assemble technologies in response to climate change comes with major sustainability issues,” COMP chairman Michael Toledo says.  “It uses a lot of water, leaves a lot of waste, and, if the Philippines goes further into mineral processing, consumes a lot of energy, generating more carbon emissions.  To reduce risks and maintain a social license to operate, mining companies must address these concerns. 

“Meanwhile, investors and consumers are increasingly demanding that companies take these issues seriously; failure to respond could undermine reputation and lead to difficulties in raising capital,” he adds.

The question thus begs to be answered: how can mining companies cope with these realities in a way that will help them not only survive, but also thrive alongside their stakeholders for many generations?

Global ESG standard for mining

In early 2016, COMP member Philex Mining Corp., through its president, Mr. Eulalio Austin, came across the Towards Sustainable Mining (TSM) initiative and recommended its adoption by the Chamber. TSM – established in 2004 by the Mining Association of Canada (MAC) – is increasingly becoming a global mining standard representing a set of best practices in mining within certain protocols.  The program is now being implemented in 14 mining jurisdictions, including Australia.

The Philippines, through COMP, is the first and remains the only Asian country that has adopted TSM.

TSM is a set of tools and indicators to drive ESG performance and ensure that key mining risks are managed responsibly at members’ facilities. Its main objective is to enable mining companies to meet society’s needs for minerals, metals, and energy products in the most socially, economically, and environmentally responsible way. 

TSM’s Core Strengths lie in the fact that it is Performance Driven, it fosters Accountability, it promotes Transparency, and it possesses Credibility -- with a nearly 20-year track record as a reliable ESG standard under the guidance of a Community of Interest Advisory Panel or COI.

Despite the fact that the Philippines already has among the strictest laws, rules and regulations in the world that impose on exploration and mining companies many social, economic, and environmental limitations and conditions, COMP members feel they have to do more.  Compliance with the law is no longer enough.  While TSM is yet another imposition on members, the Chamber made it mandatory to all those with operating mines.

“TSM aligns well with the existing regulatory framework of the Department of Environment and Natural Resources (DENR) and the Mines and Geosciences Bureau (MGB), such as the scorecards, checklists, and the Presidential Mineral Industry Environmental Award guidelines,” says Michael Cabalda, DENR Special Assistant to the DENR Secretary on Sustainability and a TSM Verification Service Provider (VSP).  “The program is designed to strengthen the commitment of COMP member-companies to responsible and sustainable mining practices while enhancing the standards we already have.

Dante Bravo, president of Platinum Group Metals Corporation (PGMC) and a member of the COI Panel, says, “TSM’s good governance measures -- the common thread linking the E, the S, and the G – will ensure broader stakeholder engagement and better returns for our members. 

“With TSM, they now have a proven good governance roadmap that will help guide them in incorporating ESG into their systems and processes, encourage them to continuously improve, and measure their performance against the world’s best mining operations – with the end in view of becoming among the world’s best themselves,” Bravo, also the president of the Philippine Nickel Industry Association, adds.”

6-Year Preparation

“After we adopted TSM  in December 2017, we embarked on a 6-year preparation period that saw our members actively participate in the ‘Filipinization’ of the TSM Protocols,” Toledo says.  “That period also saw the formation of our multi-sector Community of Interest (COI) Advisory Panel, the training and accreditation of our VSPs or External Verifiers, the development and cascading of an online self-rating application, a self-assessment dry run, and the ‘mock’ external verification of three volunteer mines: Rio Tuba Nickel, OceanaGold Didipio, and Philex Padcal.”

In 2024, all of COMP’s 19 member-companies with operating mines submitted their self-assessment reports on eight TSM Protocols for their January to December 2023 performance via the Mine Site Sustainability Audit app exclusively designed by Nickel Asia Corp., a group of COMP member-firms, for TSM’s implementation in the Philippines.  The mines conducted internal audits vis-à-vis the Protocols, and supported the self-ratings with proofs and evidences.

The 16 other COMP member-firms with operating mines are: Benguet Corp.; Cagdianao Mining Corp.; Carmen Copper Corp.; Carrascal Nickel Corp.; CTP Construction and Mining Corp.; Dinapigue Mining Corp.; Eramen Minerals, Inc.; FCF Minerals, Inc.; Filminera Resources Corp.; Hinatuan Mining Corp.; Lepanto Consolidated MiningCo.; LNL Archipelago Minerals, Inc., PGMC.; Taganito Mining Corp.; and TVI Resource Development Phils., Inc.

Climate Change

In 2021, COMP adopted the TSM Climate Change Protocol that brought to eight the number of measurement tools that its members will use to grade their environmental and social performance.  This adoption was approved by the COI Panel following the recommendation of COMP’s technical working group that was tasked to align TSM with the Global Industry Standard on Tailings Management (GISTM). 

GISTM was issued in 2020 by the United Nations Environment Programme, the International Council on Mining & Metals, and the Principles for Responsible Investment to operators of tailings facilities worldwide, enjoining them to strive for zero harm to people and the environment from the earliest phases of project conception.

“A refocusing of TSM towards climate change adaptation instead of just carbon emission mitigating strategies is an important and welcome development,” says Carlos Primo David, DENR undersecretary and a former COI Panel member. “The efforts must remain strong for reforestation efforts and carbon footprint reduction, but the impact of climate change warrants ensuring business continuity and, more importantly, resilience in our communities in the near future. 

“These are even more important owing to the fact the climate change impacts will be more prevalent in tropical island nations such as the Philippines,” David adds.  “Therefore, this Climate Change Protocol and its supporting Climate Change Guide will provide mining companies the required focus to attend to local impacts and, through this, enable them to contribute to the global effort to address climate change.”

The Climate Change Guide is the only mine-related reference that provides methods or procedures on incorporating climate change considerations in the mining operator’s decision-making process.”

Apart from approving the adoption of the “Filipinized” version of the Climate Change Protocol, the COI – composed of 14 highly respected individuals from different sectors of society – likewise approved the TWG’s recommendation to revise the Tailings Management Protocol and its three supporting documents.

The six other TSM Protocols – all Filipinized from the MAC version – are Water Stewardship, Preventing Child and Forced Labor, Biodiversity Conservation Management, Health & Safety, Indigenous Peoples and Community Outreach, and Crisis Management.

TSM Rating System

In two Protocols – Crisis Management, and Preventing Child and Forced Labor – a mining project could only Pass or Fail.  Either the mine achieves the Indicators and criteria under these Protocols or they do not.

Six Protocols, meanwhile are assessed on a 5-point scale – C, B, A, AA, AAA – where A represents good practice, and Triple A means excellence and leadership.

A member who receives a C-rating means that the company may have the procedures in place but they are not integrated into policies and management systems.  Since the TSM rating system presupposes that the member is compliant with the law, a C-rating is already above the word of the law.  It is a starting position of conformance with TSM, which asks more than what are required by the law.  It is the minimum global industry standard on which a facility can build and improve its performance.

The same goes with the Pass or Fail rating system.  A “fail” score means failure to meet global best mining practices in that Protocol, not a violation of the law.

“With TSM, our members are, in effect, upping the ante for themselves,” says Joan Adaci-Cattiling, OceanaGold Phils., Inc. Didipio Mine president and general manager for external affairs and social performance. 

“The idea is to see how they fare vis-à-vis the best mining practices in the world – the Triple A rating – and this rating system provides our members the roadmap that will guide them towards best practices based on the principle of continuous improvement,” adds Cattiling, also an ex-officio member of the TSM COI Panel.

First Impressions

Eight mines from COMP’s 19 operating members subjected themselves to external verification in 2024.  These mines are: Filminera Masbate Gold Project, FCF Runruno Gold Project, Taganito Mining Co., Cagdianao Mining Co., Atlas Carmen Copper Corp., PGMC Surigao Project, Philex Padcal, and TVI Balabag Gold-Silver Project.  The 11 other mines will have their self-ratings externally verified in 2025.

“It was fun and eye-opening, educational, and encouraging,” says VSP Fernando Sajona, a Geology expert and VSP, says of his validation experience. “Those companies that have fully engaged their time and human resources to the initiative clearly understand the importance of TSM. What was particularly revealing is that the companies we visited have, to some extent, been already adhering to the TSM Protocols, even at the very basic level of compliance. This is not at all surprising, considering the many standards and audits our local companies are required to undergo by regulators, particularly the DENR-MGB. Hurdling the “Level B” in most of the Protocols would not be a problem if the mines faithfully follow the provisions of their mining permits. Of course, there are Protocols that the local companies would need to improve on.”

For his part, VSP Joey Ayson, Geological Society of the Philippines chair and Philippine Mining and Exploration Association president, says “It wasn’t as easy as when we were undergoing desktop training.  Though the evidences required to support self-ratings have been clearly identified, there were instances when the right documents weren’t submitted, or the wrong ones were, or that the required documents were filed under another criteria or level.  But it’s part of the program’s growing pains.  This is our first year after all.  Interestingly, some companies have already been practicing some form of TSM – the Beyond Compliance method – long before COMP adopted it.  They just lacked proper documentation.”

“I realized that all of us VSPs are still on a learning curve.  We need to know a lot more, especially in areas within the Protocols that are not aligned with our professional backgrounds or experiences,” adds VSP Roland de Jesus, a retired MGB assistant director.  “Some companies have yet to embrace TSM fully but, happily, most have assimilated the initiative’s guiding principles into their organizational culture. This bodes well for the industry.”

Cabalda says he found the process “both challenging and insightful”. “It was detailed and thorough, ensuring each aspect of the TSM standards was carefully assessed and verified. The process was also collaborative, offering plenty of opportunities for learning and growth. Overall, it strengthened my confidence in the system and the value it brings to our minerals sector.”

Advice

“If given the opportunity to advise mines that have not yet undergone validation, I will highlight to them three key points,” stresses VSP Ramon Santos, chairman of the Mining Engineering Board, Professional Regulation Commission.  “First, the advantage of having their operations viewed from the outside. This provides a broader and an unbiased perspective.  Second, impartial and honest validation of their self-assessments, providing credibility to how they rate themselves.  Finally, the VSPs may be able to provide valuable recommendations that may not be apparent to internal auditors during the self-rating process.  This is essential to driving continuous improvement.”

“TSM should not be considered as another bureaucratic layer and additional expense, but as an investment in being a responsible and sustainable miner,” Ayson points out. “As TSM encourages a Beyond Compliance approach, a company will easily meet current regulatory requirements and prepare itself well for a green mining future.”

“Operating companies need not be anxious about TSM because it will help them become self-aware on where they stand vis-à-vis global mining standards,” adds Sajona. “Once they align themselves to these standards and continue to strive towards a higher level of performance (the TSM having a multi-tier performance ranking), the evidences will speak for themselves. These will only lead to improved ESG performance, favorable public perception and, ultimately, improved bottom line.”

Public Reporting

The externally verified results will be made public in late 2024.  Meanwhile, the highlights of the consolidated self-assessment reports and individual verified results will be discussed in one of the sessions of “Digging Deeper”, a conference to be hosted by COMP on October 17, 2024 at The Westin Manila.  The session will seek to determine avenues to further strengthen the members’ strong performance areas, to identify areas for improvement, as well as to find ways to contribute to the enhancement of the country’s policy environment.

“Transparency is essential to secure the trust of, and social acceptance by, host communities and stakeholders,” de Jesus emphasizes.  “The transparency feature that can be gleaned from COMP’s public disclosure of externally verified self-ratings demonstrate the industry’s sincerity to inform stakeholders of the status of a company’s operations vis-vis adherence to international standards.”

Cabalda concludes: “TSM isn’t an added burden on the industry. I’d dare say, it helps COMP members to keep pace with the growing importance of global ESG standards. As ESG becomes more central to securing financing for mining projects, TSM can help position our mining industry to meet these demands and stay competitive on the global stage.

“More importantly,  demonstrating a genuine commitment to ESG can go a long way in building trust with local communities and other stakeholders – a  ‘TSM license to operate’. As these values become more visible, they can help shift public perception, encouraging more balanced and constructive dialogue about the role of mining and mineral resource development in our country.”

By Agapito S. Cuadra Jr.

In a commendable display of environmental stewardship, Taganito Mining Corporation (TMC) has bestowed 44 waste bins upon Sabang River, the waterway it proudly adopted.

This philanthropic gesture marks a significant contribution to the Adopt A River Program, a collaborative effort spearheaded by the Department of Environment and Natural Resources–Provincial Environment and Natural Resources Office (DENR-PENRO)– Surigao Del Norte, aimed at revitalizing river health since its inception in 2020.

At its core, the Adopt A River Program seeks to mobilize communities and businesses in safeguarding the ecological integrity of our rivers.

Embracing this noble cause, TMC, an operating company of Nickel Asia Corporation (NAC) has emerged as a stalwart supporter, embracing sustainable practices and championing environmental protection through its adoption of the Sabang River.

The recent endowment of 44 waste bins stands as a tangible testament to TMC's unwavering commitment to preserving the pristine beauty of Sabang River.

Strategically positioned along the riverbank, these bins serve as beacons of cleanliness, promoting responsible waste disposal practices among community members and visitors alike.

By fostering a culture of environmental consciousness, the mining company is paving the way for a brighter, cleaner future for Sabang River and its surrounding ecosystem.

In essence, TMC's contribution transcends mere philanthropy; it embodies a profound dedication to the well-being of our natural environment.

Through collaborative efforts and steadfast resolve, TMC continues to set the standard for environmental leadership, inspiring others to follow suit in safeguarding our precious waterways for generations to come.

In the northeastern tip of Mindanao lies one of the most significant industrial undertakings in the country: the Taganito HPAL Nickel Corporation (THPAL). Nestled in the town of Claver, Surigao del Norte, THPAL stands as a beacon of industrial progress and a testament to the Philippines’ growing role in the global supply chain of critical metals, particularly nickel and cobalt. These materials are crucial not only for traditional industries like stainless steel manufacturing but also for the rapidly growing industries of electric vehicles and renewable energy technologies.

The establishment and completion of a High-Pressure Acid Leach (HPAL) facility in 2013 represented a pivotal advancement for the Philippine minerals sector, enhancing the nation's role in the international nickel supply chain, which was a superb strategic initiative. Conventional methods for nickel extraction faced challenges when dealing with low-grade lateritic ores, which are abundant in the Philippines yet contained minimal nickel concentrations. Despite its high capital requirements and technological intricacies, the HPAL process facilitates the effective recovery of nickel and cobalt from these ores and years following its initial operation, another by-products were produced by the company thus increasing the potential uses of minerals in numerous high-tech and industrial applications.

Scandium, a rare earth element, is becoming more important because of its special qualities that boost the performance of different materials. While, Chromite mineral, an oxide of chromium and iron, serves as the principal source of chromium, a vital component in the manufacturing of stainless steel.

The company isn’t just another mineral development project doing business in the country that contributes to both the local and national economy. THPAL is also a major trailblazer in social development, environmental protection, and work safety culture while, it plays a crucial role in related industries, like logistics, transportation, maintenance and food services, among others, creating various jobs for more than 4,000 locals.

As the world’s demand shifts towards sustainability, the need for nickel and its by-products is anticipated to increase remarkably though this scenario offers both challenges and opportunities for THPAL. However, the company has positioned itself to take advantage of this rising demand, especially from the electric vehicle and renewable energy industries. THPAL is poised to lead in this vital sector, adeptly managing the challenges while capitalizing on the forthcoming opportunities. It exemplifies how innovative technology optimizes the utilization of the minerals, as envisioned in the Philippine Mining Act, can enhance the viability of low-grade ores, thereby supporting the worldwide supply of these essential metals.

“A symbol of excellence, a source of motivation, of surpassing oneself and of ultimate achievement, medals are much more than objects: they represent the apotheosis in the career of elite athletes.” (Tony Estanguet, President of Paris 2024)

The Paris 2024 Olympics or 2024 Summer Olympics, which started from July 26 and ended in August 11, brought together around 10,714 athletes from 204 countries (including AIN and Refugee Team) who competed in 329 medal events.

As a measure of an athlete’s achievement, human spirit, and endurance, the Olympic medal has its historical and material value. 

An Olympic medal is traditionally representing an athlete’s victory and glory that reflects back to one’s home country. It is primarily a symbol of the Olympic spirit rooted on tradition and history from the first Olympic Games in 776 BC at Olympia in Greece, and more formally from Athens 1896 Olympics -- the first international Olympic games held in modern history.

But is there really gold in the Olympic gold medal? Moreover, what is the metallic composition of the silver and bronze medals? And overall, what is the monetary worth of these medals, particularly the gold medal?

On February 8, 2024, The Paris Organising Committee for the 2024 Olympic and Paralympic Games (POCOG) unveiled to the public the medal design for the 2024 Olympic and Paralympic Games.

In designing the medals, members of the Paris 2024 athletes’ commission worked with the renowned Parisian jewelers Chaumet. The manufacturing of the medals is undertaken by the Monnaie de Paris; the world's longest continuously running mint.

What makes the Paris 2024 Olympics medal unique is that a fragment of the Eiffel Tower is placed at the center of the medal.

“For the first time in the history of the Games, each Olympic and Paralympic medal is adorned with a highly symbolic and priceless piece of metal: the original iron from the Eiffel Tower,” according to the media release of the Paris 2024 Organising Committee.   

“Erected to amaze the world at the 1889 Universal Exhibition, the Eiffel Tower is made entirely of a special type of iron known as ‘puddle’ iron. Manufactured in the forges and blast furnaces of Pompey in Lorraine, the cast iron produced by reducing iron ore is refined by an operation called ‘puddling’. By removing the excess carbon still present in the cast iron, the resulting iron is almost pure and extremely strong.”

The structure of the Eiffel Tower had undergone renovation work during the twentieth century. During the renovation, metallic elements were removed from the Dame de fer and have been carefully preserved ever since.

During the construction of the Eiffel Tower for the 1889 Universal Exhibition, the material of choice for the structure is cast iron. However, as part of the tower’s upkeep, much of the cast iron used was replaced over the twentieth century. These materials were preserved by the operators; the Société d’Exploitation de la Tour Eiffel.

The Paris 2024 Olympic Games provided an opportunity to give the material a new purpose – to be incorporated in the design and composition of the Olympic medals.

“For the Olympic and Paralympic Games Paris 2024, the Société d’Exploitation de la Tour Eiffel is giving these veritable pieces of the history of Paris and France a second lease of life.”

The traditional Olympic medals do not contain iron. Therefore, the additional iron from the metal fragment of the Eiffel Tower for this year’s Olympic medals is a unique feature. The Eiffel Tower is a cultural icon of France, and one of the most recognised architectural marvels of the modern world.

Throughout history, France has been known for their innovation in science, technology, art, music, and more. Breaking away from the traditional Olympic medal, they wish the give the victorious athletes a special part of the French culture and history to bring home with them to their home country.

“By placing fragments of the Eiffel Tower at the center of its medals, Paris 2024 hopes to leave athletes with an unforgettable memory of the Games, of Paris and of France.”

According to the official Paris Olympic website, this addition (of iron) not only enhances the medals’ historical and cultural significance, but also connects them to the rich heritage of France and Paris. [2] 

The inclusion of this unique material adds an extra layer of prestige to the 2024 Olympic medals, the website said.

The medal for the Paris 2024 Olympics has a diameter of 86mm, thickness of 92mm, and 18g Eifel Tower Insert. In terms of weight, the gold medal weighs 529g, the silver medal is 525g, and the bronze medal is 455g.

To determine its material value of the gold medal, the 529g of metal is composed of more than 95% silver (505g), and just 6g of gold for plating, plus 18g of iron from the metal fragment of the Eiffel Tower.  Therefore, according to a report in Forbes, the gold medal for the Paris 2024 Olympics is worth approximately $950.

In summary, the gold medal is made of silver plus a thin plating of gold. A silver medal is made of silver, while the bronze medal contains copper, tin, and zinc.

These medals are made in accordance to the specifications of the International Olympic Committee (IOC) and in consultation with the National Olympic Committee of the host nation.

More on the medal’s craftsmanship, the iron retains the original shape of a hexagon as in the original Eiffel Tower. They have been encased on the observe side of the medals in the centre with six appendages. [2]

Looking at the medal’s front design, the cast iron is reforged in hexagonal ingots that sit at the center of the medal. The shape is a geometric representation of France; a country that also goes by the nickname, L'Hexagone. The hexagon is also embossed with the games' emblem.

French people often refer to Metropolitan France as L'Hexagone  or The "Hexagon", because of the geometric shape of its territory.

“At the six corners of the ingot sit hobnail-like embossing in the 'Clous de Paris' style, chosen for its resemblance to the rivets used in the Eiffel Tower. The hexagon is cut to appear as if it is held within the medal with a ‘claw setting’, a common method of setting gems in jewelry by Chaumet.” [1]

 

Looking at the artwork on the reverse side of the Olympic medal, it follows the standard for Summer Olympic Games medals with the Greek goddess of victory Athena Nike against the Panathenaic Stadium in Athens. This is a commemoration of the origin of the modern Olympic Games in 1896.

The design also includes the Olympic Rings and the text 'JEUX DE LA XXXIIIe OLYMPIADE - PARIS 2024' set in the Paris 2024 custom font. [3]

Another unique and non-traditional feature of this medal is the inclusion of the Eiffel Tower, opposite the Acropolis. [3]

In closing, Outlook Business website commented, “An Olympic medal can never be measured in purely monetary value. Though the amount of gold in an Olympic gold medal could be modest in terms of material value, the prestige they carry far outweigh their intrinsic worth. And like every Olympic Games, this year's medals will also remain a unique piece of heritage in the rich history of the Summer Olympic Games.”

 

References and Photo credits:

[1] medal’s design - https://logos.fandom.com/wiki/Paris_2024/Medals?file=Paris2024Oly_MedalsObverse.png Carlo Yulo’s photo - https://www.kollectivehustle.com/blog/10-key-moments-that-brought-carlos-yulo

[2] Outlook Money (Aug. 7, 2024). Outlook Business. "Paris Olympics 2024: How Much Is A Gold Medal Really Worth".  https://www.outlookbusiness.com/personal-finance-news/paris-olympics-2024-how-much-is-a-gold-medal-really-worth?fbclid=IwY2xjawEzs5xleHRuA2FlbQIxMAABHbatJF5Wct8fEhQo98EoW7O5NxMkKkoHUA7qv6qSY6KVO850MZsBbc1zQA_aem_oTRO1Ys18y2w9H04MwbzjA

[3] Paris 2024 Olympics - Press Area. “The Medals of the Olympic and Paralympic Games Paris 2024” https://press.paris2024.org/assets/paris-2024-press-kit-medals-of-the-paris-2024-games-02-2024-pdf-f8b1-7578a.html

The Philippines has achieved a milestone in supporting the global response to the threat of climate change with its election last July as the host country of the Board of the Fund for Responding to Loss and Damage.

The country’s bid, which won over seven other contenders, was prepared through a whole-of government approach led by the Department of Environment and Natural Resources, supported by the Department of Foreign Affairs, Department of Finance, Department of Budget and Management, Climate Change Commission, Department of Justice and the National Economic Development Authority.

The Fund, which was operationalized at the COP 28 UN Climate Change Conference in 2023, was established to help vulnerable countries recover from climate impacts. It is mandated to assist developing countries that are particularly vulnerable to the adverse effects of climate change in responding to economic and non-economic loss and damage associated with the adverse effects of climate change, such as extreme weather events and slow onset events.

As a country beset by typhoons, floods and the resulting loss of lives and livelihoods, the Philippines needs to take an active role and be strong voice in the discussions on global climate action.

It is therefore significant that the Philippines also has a seat on the Board itself, which is composed of 26 members from Parties to the United Nations Framework Convention Climate Change (UNFCCC) and its Paris Agreement, with 12 members from developed country Parties and 14 members from developing country Parties.

The Board had its first meeting in May 2024, which provided the first opportunity it to engage with the World Bank on establishing the Fund as a World-Bank-hosted financial intermediary fund (FIF). The Board and the World Bank exchanged their views on the conditions for establishing an FIF, including ensuring that the most vulnerable people on the frontlines of climate impacts are able to access support from the fund, including through direct access to fund resources.

On 28 August 2024, President Ferdinand Marcos Jr. signed into law Republic Act No. 12019 which grants the Loss and Damage Fund Board juridical personality and legal capacity.  It allows the Board to contract, acquire and dispose of immovable and movable property, and start legal proceedings.  It can also negotiate, conclude and enter into a hosting agreement with the World Bank as an interim trustee and host of the Fund’s secretariat, and undertake activities needed to discharge its duties.

Developed countries that account for most of the world’s greenhouse gas emissions have pledged USD661.39 million to the fund, but this is far below the USD100 billion to USD580 billion global estimates for the annual loss and damage in developing countries.

By hosting the board, the Philippines has a huge challenge in attracting support from developed countries and development partners to provide financial contributions in addressing losses and damage due to climate change.

Cement giant Holcim Philippines is ramping up its sustainability efforts with a hefty P370 million investment in its Bacnotan plant in La Union province.

The company announced its plans to construct new storage and feeding facilities to boost the use of low-carbon alternative fuels and raw materials by 40 percent.

Holcim Philippines president and CEO Nicolas George expressed optimism about the project’s positive impact on both the company’s performance and the environment.

“This investment underscores our commitment to building progress and delivering results for our company and the community,” George said.

The construction of the new facilities is set to be completed by the second half of next year, following an agreement with Sinoma CBMI PH Construction Corp., a long-time global partner of Holcim.

Sinoma CBMI PH Construction general manager Zeng Youbing expressed gratitude for the renewed partnership, highlighting the company’s role in supporting Holcim Philippines’ decarbonization goals through advanced technology.

Holcim Philippines has been actively reducing its carbon footprint since 2018 through various initiatives such as producing blended cements, utilizing waste as fuel, adopting renewable energy, and enhancing operational efficiency. The company has already achieved a 20 percent reduction in carbon emissions.

Arcadis, the leading global design and consultancy organization for natural and built assets, announced the release of its annual International Construction Cost index (ICC).

Compared to last year’s result, Manila has seen a slight improvement in its ranking among the most expensive cities to build in globally. But despite dropping two spots from 81st to 83rd, construction costs remain high.

This slight shift in ranking is likely due to even steeper cost increases in other cities. However, the construction sector in the Philippines continues to grapple with its own challenges.

Last year, inflation was at 6% and combined with supply chain disruptions, both factors pushed material prices up. High labor costs also contribute to the overall expense of construction projects. As a result, developers and contractors continue to adapt to the evolving market landscape to ensure project viability.

Ma. Monina Munsayac, Executive Director for Cost and Commercial Management at Arcadis Philippines, said: “Despite the challenges faced by the construction sector in 2023, we remain optimistic about its resilience this year and beyond.”

“The upcoming infrastructure initiatives are a promising prospect, as well as the continued demand for sustainable projects which aims to meet the country’s sustainability goals. Regardless of the year's trajectory brought about by this infrastructure push and other market factors, the Philippine construction industry is poised to adapt by implementing a range of strategies, including enhanced procurement strategies, the integration of digital tools and a continuous focus on cost optimization.”

The 2024 Arcadis International Construction Costs index covers 100 of the world’s large cities across six continents. The cost comparison was developed to span 20 different building types, including residential, commercial and public sector developments, and is based on a survey of construction costs, a review of market conditions and the professional judgement of Arcadis’ global team of experts.

The calculations are based in USD and indexed against the price range for each building type relative to Amsterdam.

The year 2023 was difficult across the world, with high borrowing costs undercutting the positive impact of infrastructure investment in many countries. However, with markets stabilizing and inflation beginning to ease, we are at a pivotal moment in the recovery of the global construction sector. Increasing demand for labor, materials and power means that productivity is now becoming an increasingly critical factor in investment decisions and project viability.

Arcadis notes the rapid acceleration of investment into the advanced manufacturing and technology sector, including data centers, pharmaceutical facilities, gigafactories and wafer fabs.

The sheer scale and complexity of these end date-critical projects inevitably results in more financial risk, meaning that clients need to evolve their design, procurement and construction capabilities even as these multibillion-dollar programs are being built.

Joycelyn Pagcatipunan, Sales Director at Arcadis Philippines, said: “The Philippine construction market is mirroring the global trend of stabilization and recovery. However, we need to continue being agile and proactive for any scenarios once infrastructure projects in the Philippines gain further traction.”

“These could include challenges in construction programs, timeline, and securing skilled construction engineers and operatives in a tighter market, among others. In this environment, embracing technology and data-driven decision-making will be crucial for effectively managing risks and ensuring project success.”

Arcadis sets out a practical five-point framework in its report, which outlines a comprehensive approach focused on delivering fast, complex programs. Applicable to all markets and sectors, the framework offers prompts to help build resilience to deal with setbacks, scale and manage risk, model program interdependencies and invest in data and live project controls to increase confidence and assurance.

London-based investment house Actis formalized its USD600 million investments in the Philippines for the development of the country’s largest single-site solar power project.

Manila Electric Corp. (Meralco) and SP New Energy Corp (SPNEC) signed an agreement with Actis at Meralco’s headquarters in Pasig City Friday for the Terra Solar project, the largest of its kind in the Philippines and in the world.

“From Actis' side, we're very honored and excited to invest USD600 million into that, which I believe is the largest FDI (foreign direct investment) into the greenfield infrastructure here in the Philippines,” Actis chair and senior partner Torbjorn Caesar said.

The Terra Solar is a 3,500-megawatt solar power project with a 4,500-MW (megawatt) hour battery energy storage system.

The project was recently awarded by the Board of Investments (BOI) with a certificate of green lane endorsement to expedite all permits and licenses related to the project.

Meralco PowerGen Corporation president and chief executive officer Emmanuel Rubio said Actis’ investments support the government’s aspiration for a more sustainable energy sector.

“We expect our strategic partnership will not only put Philippines in the global spotlight, it will also thrust one Meralco into the international stage as a leader in the renewable energy space to its ownership of the world's largest hybrid solar project, which is poised to power more than 2.4 million households in the Philippines, and displace 4 million tons of carbon dioxide every year,” Rubio said. 

Celsius Resources is pleased to announce that its Philippine affiliate, Makilala Mining Company, Inc, has been issued a Certification Precondition (“CP”) from the Philippine National Commission on Indigenous Peoples (“NCIP”) for its flagship Maalinao-Caigutan-Biyog Copper-Gold Project (“MCB”).

As the government agency mandated to protect the rights of indigenous peoples, the NCIP ascertains that the collective decision of the Balatoc Indigenous Cultural Community (“ICC”) has been obtained with respect to their right to self-determination over their ancestral lands. The NCIP En Banc also reviewed and evaluated the Free, Prior and Informed Consent (“FPIC”) process to ensure that it was observed in accordance with Republic Act No. 8371, or the Indigenous Peoples’ Rights Act (“IPRA”) of 1997¹.

The Certification Precondition (CP-CAR-2024-504, issued on 4 September 2024), is the culmination of a ~3-year process which entailed extensive stakeholder engagement resulting in a Memorandum of Agreement signed by and between MMCI, the Balatoc ICC, and NCIP stipulating the benefits, commitments, and obligations of all parties during the life of the MCB mine.² 

Celsius Executive Chairman Atty. Julito R. Sarmiento, said:

“This is arguably one of the most stringent approval milestones for a new project to achieve. It has always been the Company’s commitment to observance and respect for the customary laws and practices of the Balatoc ICC throughout the FPIC process as an integral part of obtaining and strengthening our social license.

We are grateful that the NCIP En Banc recognised the value and contribution of the MCB Project to improve the lives of the Balatoc ICC. The issuance of the Certification Precondition is not only an achievement for the Company, it is also a milestone for the Balatoc ICC as our partner in the development and operation of the MCB Project.”

Next steps

The Certification Precondition is one of the compliance requirements under the Mineral Production Sharing Agreement with the Philippine Government as prescribed under Republic Act 7942, or the Philippine Mining Act of 19953 and one of the outstanding commitments under the MPSA4.

With the issuance of the Certificate Precondition, the only remaining requirement is to submit additional proof of financial capability to carry out the necessary work programs. The CP now allows management to finalise arrangements with interested Philippine and international investors for funding the MCB Project. These discussions had been delayed, awaiting the issuance of the Certification Precondition. 

 

1 https://www.officialgazette.gov.ph/1997/10/29/republic-act-no-8371/
2 ASX/AIM Announcement 15 November 2022

As the Panguil Bay Bridge Project approaches its completion, Department of Public Works and Highways (DPWH) Senior Undersecretary Emil K. Sadain, along with key officials from the Unified Project Management Office (UPMO) Operations, conducted an on-site inspection on August 23, 2024, to ensure Mindanao’s longest bridge completion is on track for the target September inauguration.

The 3.17-kilometer bridge, which will connect Tangub City in Misamis Occidental and Tubod in Lanao del Norte, is a landmark infrastructure project set to significantly reduce travel time between these two (2) provinces in Northern Mindanao.

The current two-and-a-half-hour journey, which relies on roll-on/roll-off vessels, will be cut down to just seven (7) minutes by land once the bridge is operational.

In his report to Secretary Manuel M. Bonoan, Senior Undersecretary Sadain said that the detailed engineering design and civil works is more than 97.5 percent completed to date.

Panguil Bay Bridge project includes the following major components: a 360-meter approach road leading to a 1,020-meter approach bridge at Tangub City side; a 569-meter approach road connects to a 900-meter approach bridge on the Tubod side; and a Main Bridge with central span that stretches 320 meters, supported by two (2) pylons, each anchored by six (6) cable stays. Additionally, two (2) observatory bays are positioned on both the Tangub and Tubod sides of the pylons for facilitating regular maintenance and ensuring the structural integrity of the bridge.

During the inspection, Senior Undersecretary Sadain, along with UPMO Project Directors Teresita V. Bauzon, Soledad R. Florencio, Ramon A. Arriola III, Benjamin A. Bautista and Rodrigo I. Delos Reyes conducted a detailed assessment of key bridge elements, including the deck slab, approach roads, barrier and median strip concrete, metal guardrail, and ancillary structures.

Also present at the inspection are past UPMO Project Directors namely Sharif Madsmo H. Hasim and Virgilio C. Castillo, Stakeholders Relations Service Director Randy R. Del Rosario; Project Managers Shirley O. Castro, Evangeline L. Carabal, and Norman I. Puy; and Engineers Abdul Khalid C. Lumangcolob, Oliver Hernandez and Ken John B. Barcelona.

The team closely monitored the progress of crucial finishing activities, with a focus on the application of waterproofing and asphalt paving, expansion joint works, the implementation of aesthetic and electrical lighting systems, line markings and the installation of road signage.

In addition to reviewing the physical aspects of the project, the team engaged with the design and build contractor Namkwang Engineering & Construction Corporation along with the project consultant Yooshin Engineering Corporation to discuss the final phases of activities for the upcoming inauguration of the project and any necessary last-minute adjustments to ensure the bridge’s timely completion.

The Panguil Bay Bridge is anticipated to be a transformative project for local transportation and economic activities, said Senior Undersecretary Sadain during the inspection.

Upon completion, it is expected to spur development and improve the quality of life for residents in both provinces.

With the inauguration set for September, the DPWH is working tirelessly to ensure that the project is ready for public use.

The opening of the bridge will mark a significant milestone in the government’s Build Better More infrastructure program, aimed at enhancing connectivity and driving economic growth under Bagong Pilipinas.

The project implemented by DPWH UPMO Roads Management Cluster II (Multilateral), with a total cost of ₱7.375 billion, is financed through a loan agreement between the Government of the Philippines and the Republic of Korea, facilitated by the Korea Export-Import Bank under the Economic Development Cooperation Fund (EDCF) Loan Agreement No. PHL-18.

The first call-off order of £26m, which includes both ENDURON® large format High Pressure Grinding Rolls (HPGR) and wet screens, will be recognised in Q3 with the remaining orders booked later in 2024 and early 2025.

The Weir Group PLC (Weir), a global mining technology leader, has been awarded a £53m contract to provide industry-leading energy efficient, sustainable solutions to the Reko Diq copper-gold project, a 50% owned greenfield development by Barrick Gold Corporation (Barrick). The tier one copper project is located in the Chagai district of Balochistan and is targeting first production in 2028 with an estimated mine life of 40+ years.

During the first phase of the project, Weir will provide fine grinding, separation and tailings solutions. Featured equipment includes Weir’s market leading ENDURON® HPGRs, ENDURON® Elite wet and dry vibrating screens, WARMAN® slurry pumps, and CAVEX® hydrocyclones. Among the equipment to be provided are Weir’s large format HPGRs – the highest capacity design in the market.

The initial £53m contract award will be recognised in the order book in accordance with a phased call-off aligned with manufacturing lead times, with £26m recognised immediately and the remaining orders to be booked in Q4 2024 and Q1 2025. After commissioning of the equipment, aftermarket support will be provided via an on-site purpose-built service centre staffed with Weir technical personnel.

The receipt of orders associated with the contract award during 2024 does not result in a change to Weir’s full year 2024 financial guidance as of 30 July 2024.

Commenting on the contract award, Jon Stanton, Chief Executive Officer of Weir said:

“We are delighted to have secured this significant contract which represents further industry acceptance of Weir’s differentiated sustainable and cost-effective redefined flowsheet solution, with our market leading HPGR technology particularly suited for the water-scarce climate and geology of the Reko Diq copper-gold project. Our engineers have designed an innovative solution that comprehensively addresses the particular challenges of this project and is a great example of working in close partnership with an ambitious customer who shares in our purpose to sustainably and efficiently deliver the natural resources essential to create a better future for our world.”

“Barrick is pleased to be partnering with Weir in delivering sustainable mining and processing in the new mining frontier of Balochistan. The Reko Diq project will grow Barrick’s strategically significant copper and gold portfolios, benefiting all its Pakistan and Balochistan stakeholders.” said Mark Bristow, Barrick President and CEO.

Weir, a global leader in mining technology, has been awarded the contract to supply a large ø2.4m x 2.25m Enduron® HPGR (high-pressure grinding rolls) for De Grey Mining’s flagship Hemi Gold Project in the Pilbara region in Western Australia.

Hemi has a mineral estimate of 10.5Moz and at full capacity, the processing plant will have a nameplate throughput of 10Mtpa.

Peter Holmes, Project Director of De Grey Mining said: “De Grey Mining is pleased to partner with Weir on one of its key long lead items for its Hemi Gold Project and appreciates Weir having a local service facility to provide the required support to our site and the region.”

Bjorn Dierx, Global Product Manager for Enduron® HPGRs said:

“Our partnership with De Grey Mining further expands our footprint in sustainable comminution. Our proven track record of developing highly engineered solutions for the industry, together with our capability to partner with our customers to bring projects to life, ensures that De Grey Mining will be in good hands to achieve its productivity, sustainability and project execution targets.

“The Hemi Gold Project will benefit from Weir’s state-of-the-art Enduron HPGR technology, which delivers operational flexibility, grinding efficiency and equipment availability. Importantly, Enduron HPGRs also provide significant improvements versus traditional tumbling mill technology with energy savings of up to 40% and in turn, a lower carbon footprint. This will be the fifth, similar-sized Enduron HPGR in the Pilbara region alone, which is a testament to its credibility in high capacity, hard-rock grinding.”

Weir recently opened its Port Hedland Service Centre, strategically located to support its customers in the Pilbara region in Western Australia. The centre features facilities for Enduron® HPGR servicing, including tyre roller assembly, and will allow De Grey Mining to benefit from product training in close proximity to the mine site.

Kristen Walsh, Regional Managing Director of Weir’s Minerals Division said:

“This win further underscores Weir’s commitment to making mining more sustainable and demonstrates the substantial opportunity that can be made to CO2 emissions reduction when choosing an energy-efficient technology in a large greenfield project.”

Listed mining firm OceanaGold Philippines Inc. is expected to have higher gold and copper production in the second half of the year, its parent firm said.

"So we see quarter three will be stronger than quarter two and quarter four will be stronger than quarter three," OceanaGold Corporation chief operating officer for Asia-Pacific Peter Sharpe said in a briefing in Makati City.

OceanaGold Philippines Inc., which currently operates the Didipio gold-copper mine in Nueva Vizcaya, earlier reported that gold production reached 49.2 thousand ounces in the first half of the year.

Copper production, meanwhile, reached 5.8 thousand tons.

Both gold and copper production declined from last year's 65.2 thousand ounces and 6.9 thousand tons due to lower production in the second quarter of the year.

Sharpe atrributed the decline in production to the unplanned downtime in the processing plant.

"What that meant was that we were not able to mill as much ore as we originally planned. They were one-off events and they've effectively been addressed," he said.

"So we are seeing the capacity throughput be re-established. So we certainly expect Q3 (third quarter) and then Q4 (fourth quarter) to be stronger than Q2 (second quarter)," he added.

Sharpe said gold production is expected to increase to 70,000 ounces while copper production will also likely go up to 12,000 tons in the second half of the year.

He said OceanaGold also had a change in plan in its underground mine sequencing based on a geotechnical review that the company has undertaken.

"The review identified that there was a safer way to mine. You know, some of the what we call scopes, which is the ore from underground. And we've enacted that recommendation around applying a different mine design and sequence to underground ore," Sharpe said.

"What that will mean will be slightly less grade going forward over the next couple of years. But the years beyond that will be higher grade," he added.

Underground optimization

Sharpe said an underground optimization pre-feasibility study is underway to increase the contribution of higher-grade underground ore to the overall mill feed mix.

"One of the opportunities that we see at Didipio is the gold grade in the underground versus the stockpile. So, we've got about 20 million tons of ore underground and about the same on surface stockpile. And we actually blend at the moment 60 percent of our surface stockpile into the mill and 40 percent from the underground," he said.

Sharpe said the ore grade from underground is four times the grade from the surface stockpile.

"So there's four times as much gold per ton of ore from underground as there is on surface stockpile. So we're working on a plan to actually change that mix of 60 percent stockpile, 40 percent underground to 60 percent underground, 40 percent stockpile. And we can do that, you know, through additional equipment which we've actually already started to purchase and is already starting to turn up," he said.

Sharpe said the full result of the study is expected to be released in the first quarter of 2025. By Anna Leah Gonzales

 

Article courtesy of the Philippine News Agency 

The consolidated net income of Apex Mining group (Apex Mining plus its subsidiaries) for the first half of 2024 reached P1.89 billion — P492.3 million (35%) higher than the same period in 2023 (P1.40 billion). The growth drivers are the surge in realized gold price, gold ounces sold and the depreciation of the peso against the dollar.

Quarter on quarter, the consolidated net income in the 2nd quarter of 2024 reached P1.03 billion while the same period in 2023 was at P848.26 million.

The consolidated gross revenues from the sales by Apex Mining and Itogon-Suyoc Resources, Inc. (one of its subsidiaries) in 1H 2024 totaled P6.94 billion, up 22% (equivalent to P1.25 billion) over 2023’s P5.69 billion. The Apex Mining group derives its revenues from the sale gold and silver.

Apex Mining operating mines (Maco Mine in Maco, Davao de Oro and Sangilo Mine in Itogon, Benguet) produced and sold 52,993 oz of gold in 1H 2024, four percent more than 2023’s 50,796 oz.; silver production and sale totaled 176,838 oz, one percent more than 2023’s 175,569 oz. Realized price per ounce of gold in 1H 2024 was USD 2,264, up 16% from last year’s USD 1,953. Meanwhile, the realized price of silver in 1H 2024 was up 13% at USD26.86 from last year’s USD23.68.

The surge in realized gold price this year drove the revenues up in the first half of 2024. Apex Mining Co., Inc., the parent company, recorded a net income of P1.84 billion from January to June 2024 — 36% higher than its net income in the same period in 2023 which was P1.35 billion.

Following the landslide in February in Masara (Maco, Davao de Oro), Apex Mining went on limited operations and focused its resources on the search, rescue, retrieval and relief operations. Its Maco Mine milled 426,396 tonnes of ore in the first half of 2024. During this same period, the gold recovery rate dipped at 85.80% versus last year’s 87.34%.

The positive performance of Apex Mining despite the difficulties imposed by the landslide is a testament to the resilience of the company’s labor force. According to Luis R. Sarmiento, the company’s president and CEO, “The collective can do attitude and genuine spirit of malasakit have propelled us to rise up and successfully tackle the hurdles one by one.”

In terms of its contribution to its host communities’ social development, Apex Mining’s 1H spending under its Social Development Management Program reached P53.7 million (projected annual budget is at P87.6 million).

According to Sarmiento, “Our work with Regina Rica to help our kababayans affected by the Masara landslide continues with periodic medical missions, other psycho-social interventions and full scholarships for 40 children who were orphaned by the landslide.” Regina Rica Foundation is run by the Dominican Sisters of Regina Rosarii. Apex Mining and Regina Rica are implementing REACH Masara, a two-pronged assistance program comprising of educational assistance and wholistic recovery initiatives. Regina Rica is currently the sole active humanitarian organization present in the area affected by the landslide.

“On a longer-term scale, we are finalizing the donation of a parcel of land to the Masara Municipality for their permanent relocation program,” says Sarmiento.

Together with the Davao de Oro provincial government, the Maco LGU, and the MGB, Apex Mining has already stabilized the slopes surrounding the ground zero. A roster of engineering interventions is continuously being implemented to further shield the mine site from rock slides and the like.

Sarmiento is confident that Apex Mining can sustain its performance throughout the year, “barring any major obstacle that may come our way.”

“Our acquisition of the Asia Alliance Mining Resources Corporations gives us future gold resources as the extensions of existing mine veins spill over to the adjacent tenement, giving our exploration team new ground to drill and validate”.

The Mine Reserves and Resource Certifications of 2021 shows that Apex Mining’s Maco Mine has enough reserves and resources to continue at the targeted production rate of 3,000 tonnes per day until 2032.

Global Ferronickel Holdings, Inc. (PSE: FNI), a leading nickel ore producer in the Philippines, reported first half 2024 revenues of ₱3.079 billion, net income attributable to shareholders of ₱207.1 million, and earnings per share of ₱0.0404.

“We finished the first half of the year with strong operational and cost performance,” FNI President Dante R. Bravo said. “We delivered incremental improvements in our supply chain including equipment productivity and technology integration, which increased production flexibility and cost efficiency. This continued execution positions us to maximize performance in the second half of the year as well as meet our near-term priority of doubling our capacity in Palawan to 3 million WMT from 1.5 million WMT annually.”

Six-month mining revenues were relatively flat year-over-year at ₱3.071 billion, despite achieving record sales volumes as prices remained subdued due to supply surplus in the nickel ore and nickel pig iron markets.

Total sales volume was 2.109 million WMT, 44.6% higher than 1H 2023, setting new records in line with production volumes, and demonstrating reliability in performance amid various operational scenarios and weather events. Of the total sold volume, medium-grade ores comprised a greater share over lowgrade ores at 59% and 41%, respectively, compared to the corresponding share of 52% and 48% last year.

At Palawan, shipments reached 1.076 million WMT, 53.6% higher than 1H 2023, supported by recently expanded infrastructure, notably mine facilities and causeways, along with optimized processes in the areas of logistics and human resources. In the second quarter, it delivered 0.695 million WMT, the highest quarterly output since the project commenced operations in September 2022.

At Surigao, shipments rose to 1.033 million WMT, 36.2% higher than 1H 2023, as favorable weather conditions allowed production activities such as ore extraction and building of inventory to start in the first quarter, as planned. The improved availability of key inputs to production also contributed to volume growth, including chartered landing craft tanks for shipside loading of ores as well as transportation and handling equipment for mine operations and safety.

The average realized nickel ore price was US$25.35 per WMT, 33.9% lower than 1H 2023 and still well below the three-year historical average of US$32.25. Medium-grade ores had an average price of US$30.54 per WMT, down 40.5%, while low-grade ores sold at US$17.98 per WMT, down 25.5%.

On the cost front, cost of sales came in at ₱1.735 billion, 34.9% above 1H 2023, as a result of larger production and shipping volumes. This reflected a rise in contractor rates, particularly in Surigao, due to the change in sales mix and sources of nickel ore deposits, where the location affects the hauling distance and ultimately the mining cost. Additionally, operating expenses totaled ₱1.068 billion, up 16.1%. This increase mainly relates to revenue-based government excise taxes and royalties, as well as licenses, partially offset by lower stevedoring charges and shipping expenses. Overall, the total aggregate cash costs amounted to ₱2.512 billion. This translates to an average cash operating cost per volume sold of ₱1,191.2 per WMT, down 8.1%, benefiting from cost discipline, volume growth and mix, and operational efficiencies.

Net income attributable to FNI shareholders was ₱207.1 million, down 40.8%. On a per share basis, earnings were ₱0.0404 from ₱0.0676 the previous year.