Philex Mining Corporation, one of the oldest and largest gold and copper producers in Southeast Asia, generated Php105 million core net income and an EBITDA of Php295 million for 1Q2024 compared with the Php388 million core net income and EBITDA of Php635 million for 1Q2023.

Average gold prices in 1Q2024 were higher at US$2,061 per ounce compared with the US$1,889 per ounce in 1Q2023. Copper for the first quarter was at US$4.00 per pound, equal to the price in 1Q2023. Operating costs were slightly higher at Php1.643 billion.

Tonnage milled for 1Q2024 was at 1.585 million tonnes, lower than the 1.706 million tonnes in 1Q2023. Gold output for 1Q2024 stood at 7,803 ounces versus the 10,062 ounces in 1Q2023. On the other hand, Copper output for 1Q2023 was at 4.669 million pounds compared with 5.531 million pounds in 1Q2023.

The continued development works at the Silangan Project would provide positive prospects for Philex, as its commercial operation is now scheduled to commence by the last quarter of 2025. The latest Silangan timeline is affected by the delayed conclusion of the loan facility and the unexpected longer delivery lead time of critical process plant equipment.

The Company was able to secure an additional US$70 million loan for its Surigao del Norte mine, which completes the total loan facility of $170 million needed to bring the Silangan Project into commercial operation.

“Despite the current challenges, we remain focused on the development of our Silangan Project,” according to Eulalio Austin Jr., Philex president and CEO. “The current price of gold remains high, and this provides both Silangan and Padcal some tailwinds. Our drive in the main decline of the ore body of Silangan continues, as well as the start of construction of our process plant, tailings storage facility, and other surface infrastructure.

The on-going construction of Davao River (Bucana) Bridge in Davao City by the Department of Public Works and Highways (DPWH) is rapidly taking shape, with significant milestones achieved just five (5) months since the project start.

In his inspection report to DPWH Secretary Manuel M. Bonoan, Senior Undersecretary Emil K. Sadain said that the assigned engineers from the Unified Project Management Office - Bridges Management Cluster (UPMO-BMC) and contractor China Road and Bridge Corporation (CRBC) have shown impressive display of efficiency and dedication in overcoming challenges and pushing forward the physical accomplishment to 15.7 percent since the civil works activities started on November 2023.

Senior Undersecretary Sadain, in-charge of DPWH infrastructure flagship projects joined Minister Counselor Yang Guoliang of Embassy of the People's Republic of China in the Republic of the Philippines at the project visit in Davao City on Friday, April 26, 2024, where both officials personally observed the progress for the construction of a four-lane, six-span extradosed bridge spanning 480.20 meters across the Davao River.

Also present at the project visit are Consul Jin Jun of the Consulate General of People’s Republic of China in Davao, UPMO-BMC Project Director Rodrigo I. Delos Reyes, Project Director Benjamin A. Bautista of UPMO Roads Management Cluster I, Director Randy R. Del Rosario of Stakeholders Relations Service (SRS), DPWH Bucana Bridge Project Team headed by Acting Project Manager Norifel Teddie G. Cadiang and Project Engineer John Christian T. Gaden, and CRBC officials headed by Mr. Ren Xiaopeng.

The activities witnessed on-site are the completed bored piles for abutment 0, bored piling activities for piers 1 and 2 which are about to complete, continuous embankment works including the installation of geotubes for approach 0, and construction of batching plant and temporary steel craneway.

Earlier, Secretary Bonoan and Minister Counselor Guoliang signed on April 24, 2024 the Supplementary Implementation Agreement to finally confirmed the general construction cost, survey & design and consultant cost, and project management cost that shall be charged against the grant to the Philippines on the basis of the Exchange of Letters signed on November 2018 concerning the construction of the China-Aid Localized Project for Davao River Bridge (Bucana Bridge).

With a contract cost of ₱3.126 Billion to be funded by the Government of the Philippines and China Aid Grant, the 1.34-kilometer project including the approach roads is an integral part of the Davao City Coastal Bypass Road traversing from Roxas Avenue to Bago Aplaya.

Scheduled for completion by November 2025, Bucana Bridge holds immense importance for Davao City in promising enhanced connectivity, improved transportation networks, and bolstered economic development opportunities in Southern Mindanao.

Article courtesy of The Department of Public Works and Highways

The Department of Public Works and Highways (DPWH) has started the civil works construction of deep foundations for the land and marine viaducts of the 4.07-kilometer Samal Island - Davao City Connector (SIDC) Project.

DPWH Senior Undersecretary Emil K. Sadain, in his report to Secretary Manuel M. Bonoan, said that the project is proceeding the construction phase both in Davao and Samal side with the commencement of bored piling activities crucial for ensuring the stability and integrity of the bridge structure.

With the approval of the detailed engineering design (DED) plans for land and marine viaducts and navigation bridge, the DPWH Unified Project Management Office - Bridges Management Cluster (UPMO-BMC) with its design-and-build contractor China Road and Bridge Corporation (CRBC) has also started to work on the steel bridge craneway that shall provide access for the construction activities, added Senior Undersecretary Sadain following a site inspection with Minister Counselor Yang Guoliang of Embassy of the People's Republic of China in the Republic of the Philippines.

Also present at the inspection on April 26, 2024 are UPMO-BMC Project Director Rodrigo I. Delos Reyes, UPMO Roads Management Cluster 1 Project Director Benjamin A. Bautista, Stakeholders Relations Service Director Randy R. Del Rosario together with DPWH SIDC Project Team headed by Acting Project Manager Najar Imbin and Project Engineer John Christian T. Gaden.

As of April 26, 2024, the project’s overall actual weighted physical accomplishment is at 3.5%, with its DED Phase progress at 93%

Targetted for completion within the term of President Ferdinand R. Marcos Jr., the ₱19-Billion SIDC project aims to provide a resilient and reliable transportation link between Davao City in the west and the Island Garden City of Samal (IGaCoS) in the east, enhancing internal mobility and external linkage to support the growth potential of Davao Region.

The SIDC Project is a 4-lane extradosed bridge with a 530-meter main bridge; land viaduct of 570-meter on Davao City side and 395-meter on Samal Island side; and western and eastern marine viaducts of 350-meter and 510-meter, respectively. It has ramps tapping into the R. Castillo-Daang Maharlika junction, Davao City and a 24-meter wide at-grade road and roundabout at Brgy. Limao along Samal Circumferential Road, IGaCoS.

The bridge will be built with a 275-meter main span and a vertical navigation clearance of 47 meter over the southern corridor of the Pakiputan Strait. The marine crossing is approximately 1.62-kilometer with seabed up to 40-meter deep and its navigation bridge supported by two (2) pylons 73-meter above sea level.

The bridge will serve as a catalyst for progress and development, and drive economic growth in the southern Philippines by offering a strategic solution to the existing transportation challenges and providing a much-needed alternative to ferry services with a seamless link between Davao City and Samal Island.

OceanaGold (Philippines), Inc. (OGPI) which operates the Didipio Gold-Copper Mine is pleased to announce it has remitted USD20.3 million (PhP1.1 billion) in additional government share for the first time to the Philippine government pursuant to the terms of its Financial or Technical Assistance Agreement (FTAA) on April 23, 2024.

OGPI made the payment at the Department of Environment and Natural Resources in the presence of DENR Secretary Maria Antonia “Toni” Yulo-Loyzaga, Mines and Geosciences Bureau Officer-in-Charge Director Atty. Danilo Uykieng, Quirino Governor Dakila Cua, Nueva Vizcaya Provincial Planning Development Officer Engr. Edgardo Sabado, Kasibu Municipal Councilor Georgette Tucpi-Allaga, and Didipio Barangay Councilor Gideon Mores, among other key local stakeholders.

“This is the first FTAA and the first that has been delivered by a woman CEO. The DENR would like to express our sincere gratitude to OceanaGold for this remarkable contribution. You (OGPI) are not only a trailblazer in terms of leadership, in terms of being FTAA No. 001, you are also in terms of the delivery of these particular returns to the government, to the nation,” DENR Sec. Yulo-Loyzaga said.

“With your [OGPI] commitment to safe and responsible mining practices and the gender balance that is being pursued in the actual operations, OGPI has not only upheld the highest standards but also has been found a beacon of sustainable resource management in the country,” the Secretary added.

Under its FTAA, the Government and OGPI share the net revenue on a 60-40 basis, where the government receives 60% of the net revenue and OGPI receives the remaining 40%. The arrangement is guided by the principle that the government expects a reasonable return in economic value for harnessing its mineral natural resources while OGPI can also expect a reasonable return on its investments taking into consideration the risk of exploration, development, terms and conditions prevailing locally and internationally in the industry, among others. In accordance with the terms of the FTAA, all taxes and fees

paid to the government are deducted from the government’s 60% share of net revenue to arrive at any additional government share payable.

Atty. Joan Adaci-Cattiling, OGPI President and General Manager for External Affairs and Social Performance, said that this will be the mining firm’s first payment of additional government share pursuant to the net revenue calculation, and that it will be paid on top of the taxes, duties and fees earlier paid by OGPI to the government. The Company expects to remit additional government share payments annually, going forward subject to metal prices and production performance.

“As the first mining contractor to be a holder of an FTAA, we are proud that we are able to contribute further to the growth of the country and the mining industry. This is a first not only for Didipio Mine but also for the Philippines and we hope that we will be able to continue improving our operations and showcase how the Philippines offers great potential for the mining sector,” Atty. Adaci-Cattiling said.

“While this amount goes to the national treasury, I want to reassure everyone that the DENR will continue to advocate for its utilization towards the environmental, social, and developmental needs of all communities and all local governments that are in fact stakeholders in natural resources development,” DENR Secretary Yulo-Loyzaga said.

OGPI’s Didipio Mine is a gold-copper underground mine in Didipio that straddles the provinces of Nueva Vizcaya and Quirino. OGPI entered into an FTAA with the Republic of the Philippines in June 1994. The Philippine Government confirmed the renewal of the FTAA in July 2021 with the execution of the FTAA Addendum and Renewal Agreement.

Celsius Resources Limited. is pleased to announce the extension of the exploration permit for the Sagay Copper Project, held under its Philippine subsidiary, Tambuli Mining Company, Inc (“TMCI”) located on the Island of Negros in the Philippines.

The extension of EP-000003-VI was issued on 1 April 2024 and was based on Section 30 of the Department Administrative Order No. 2010-211 , which states that “the exploration permit shall be deemed automatically extended in case it expires prior to the approval of the Declaration of Mining Project Feasibility (“DMPF”) and until such time that a mineral agreement is approved”.

The Sagay Project’s DMPF application submitted to the Philippine Mines and Geosciences Bureau (“MGB”) has been accepted and is currently under review. The approval of said application will consequently allow TMCI to apply for a mineral agreement with the Philippine Government (see CLA Announcement dated 8 January 2024).

Celsius Resources Executive Chairman, Atty. Julito “Sarge” Sarmiento said:

“We are in the process of completing the Environmental Impact Assessment for the Sagay Project as the basis for the issuance of an Environmental Compliance Certificate which is one of the key requirements for the approval of the DMPF. We are taking every step to ensure that we have comprehensively covered all potential environmental impacts of the proposed Project with avoidance, protection and prevention as top of mind approaches, and that any residual impacts are minimised and managed. Environmental stewardship will always be at the forefront of our business operations.

As with our Maalinao-Caigutan-Biyog project (“MCB Project”), we will continue to adhere with the Philippine Government’s regulatory permitting requirements to ensure the safe development and operations of the Sagay Project.”

The extended term of the exploration permit for Sagay is limited to comply with the requirements of the DMPF and further updates will be provided to shareholders as TMCI moves through the approval process.

THE SAGAY COPPER-GOLD PROJECT

Location

The Sagay Copper Project is located in the north-eastern part of Negros Island, within the cities of Sagay and Escalante in the Province of Negros Occidental, Philippines (Figure 1). Negros Island is part of the central group of Islands in the Philippines commonly referred to as “the Visayas”.

Drilling at Sagay has broadly defined a large-scale copper mineralisation which is interpreted to be a typical porphyry copper style of mineralisation, common throughout the Philippine archipelago.

An updated Mineral Resource Estimate (“MRE”) was announced to ASX on 6 February 2024 comprising of a combined measured, indicated, and inferred Mineral Resource of 312 million tonnes @ 0.39% copper and 0.11 g/t gold.

The Philippines, the United States and Japan on Friday expressed intent to advance their trilateral cooperation on clean energy.

The commitment was made during the historic trilateral summit of President Ferdinand R. Marcos Jr., US President Joe Biden and Japanese Prime Minister Fumio Kishida at the White House in Washington DC.

In a joint statement, the three leaders acknowledged the existential threat of the climate crisis, and cited the need to take urgent action to reduce greenhouse gas emissions in line with a 1.5 degrees Celsius warming limit, and accelerate efforts to build clean energy economies.

“Our three nations seek to expand trilateral cooperation in the Philippines on the deployment of clean energy technologies, including renewable energy projects such as solar and wind, to support energy requirements in the Philippines and help ensure a just energy transition,” they said.

“Japan, the Philippines, and the United States are working together to expand cooperation for the transition to clean energy and create high-standard, clean energy supply chain jobs across our three nations through the mutually beneficial development of resources in clear, transparent, and fair market competition with strong protections for labor rights and the environment.”

Marcos, Biden and Kishida also sought to expand the three nations’ partnership on safe and secure civil-nuclear capacity building, as they recognized the Philippines’ request for further training and capacity building for nuclear scientists, engineers, and relevant personnel and policymakers.

Under the Foundational Infrastructure for Responsible Use of Small Modular Reactor Technology (FIRST) program, the US and Japan plan to co-host a nuclear energy study tour in Japan for nuclear experts and policy decision-makers from the Philippines and other FIRST partner countries.

“We also plan to deepen trilateral cooperation on civilian nuclear workforce development through a trilateral dialogue this year, to advance the Philippines’ civil nuclear energy program,” the three leaders said.

They welcomed the first Nuclear Energy Summit in Brussels on March 21. Over 35 countries, including Japan, the Philippines, and the United States, will participate in the event.

They also expressed support for critical minerals industries as a way to promote resilient and reliable global supply chains for critical minerals.

“We share the goal of producing and supplying battery materials and batteries for electric vehicles and energy storage systems for the global marketplace. The United States, under the International Visitor Leadership Program, plans to manage a clean energy supply chain training program for select participants from Japan and the Philippines,” they said.

“In addition, the United States and Japan look forward to the Philippines being a founding member of the Minerals Security Partnership Forum, which signifies an important step towards securing and diversifying our collective clean energy supply chains.”

Reduction of nuclear risks

Meantime, Marcos, Biden and Kishida called for the complete denuclearization of the Korean Peninsula, as they condemned the North Korea’s “escalatory threats and unprecedented number of ballistic missile launches, including multiple intercontinental ballistic missile launches, which pose a grave threat to peace and security.”

They said North Korea’s actions have “severe security implications” for the Indo-Pacific and European regions.

“We strongly urge the DPRK to comply with the relevant UN Security Council resolutions, and refrain from continued development, testing, and transfer of ballistic missiles to any country, including Russia, which has used these missiles against Ukraine,” they said.

“As we continue to affirm our commitment to international law, including the United Nations Charter, we reiterate our unwavering support for Ukraine’s sovereignty, independence, and territorial integrity within its internationally recognized borders.”

They said the threats of nuclear weapon use in the context of Russia’s invasion of Ukraine are “unacceptable,” adding that any use of a nuclear weapon “would be completely unjustifiable.”

"To that end, we recall the United Nations General Assembly resolutions stating that no territorial acquisition resulting from the threat or use of force shall be recognized as legal,” they said.

They also urged nuclear weapon states to promote stability and transparency, as well as engage in substantive dialogue on reducing nuclear risks.

“We reaffirm our joint pursuit of a world without nuclear weapons, with the Nuclear Non-Proliferation Treaty as its cornerstone,” the three leaders said.

“As founding members of the ‘FMCT (Fissile Material Cut-Off Treaty) Friends,’ we also call for the immediate commencement of long-overdue negotiations on a treaty banning the production of fissile material for nuclear weapons.”

The Department of Public Works and Highways (DPWH) on Wednesday bared several big-ticket projects being constructed by the government in a bid to decongest traffic in Metro Manila.

Speaking at the Bagong Pilipinas Town Hall Meeting on Traffic Concerns convened by President Ferdinand R. Marcos Jr. in San Juan City, DPWH Secretary Manuel Bonoan discussed some of the infrastructure projects to alleviate bottlenecks and provide alternative routes to ease traffic congestion in the National Capital Region.

He said the traffic decongestion program is one of the key strategic infrastructure programs of the department aligned with the 2023-2028 Philippine Development Plan and consistent with the President’s 8-point socioeconomic agenda to reduce transport and logistics costs.

The program focuses on the improvement and expansion of the national road network by building more by-passes, diversion roads, expressways, flyovers, interchanges, and underpasses.

Among them is the completion of the mainline of the 18-kilometer Metro Manila Skyway Stage 3 which has reduced travel time from Buendia to Balintawak from 2 hours to 15 to 20 minutes.

Meanwhile, the construction of the Tomas Claudio – Polytechnic University of the Philippines Sta. Mesa Section is ongoing with 22 out of a target of 28 ramps already completed.

Three ramps are undergoing construction while another three are under the planning stage, Bonoan added.

Another project that will decongest and bypass EDSA is the 7.7-kilometer North Luzon ExpressWay-South Luzon Expressway (NLEX-SLEX) Connector Road, an elevated expressway mostly traversing along the Philippine National Railways (PNR) rail track from Caloocan to Plaza Dilao in Manila which will reduce travel time from SLEX to NLEX from 2 hours to 20 minutes.

He reported that the project is already 95 percent substantially completed and has three interchanges located in C3 Road/5th Avenue in Caloocan, and España and Magsaysay Boulevard in Manila.

The NLEX-SLEX Connector Road Project, targeted to be completed this year, will bring great comfort to motorists once fully operational to its connection with Metro Manila Skyway Stage 3 in Sta. Mesa, Manila.

The 32-kilometer Southeast Metro Manila Expressway (C6 Expressway, Phase I) will reduce travel time from Bicutan to Batasan from 2 hours to 30 minutes, with right-of-way acquisition ongoing.

The C5 South Link Expressway will reduce travel time from R-1 Expressway to SLEX/C5 from 40 minutes to 10 minutes. The Merville to C5/SLEX and E. Rodriguez to Merville Sections are already operational.

Bonoan added that the Laguna Lakeshore Road Network Project – Phase I, involving the construction of a 51-km. road network along Laguna Lakeshore from Calamba to Bicutan will cater to the increasing traffic volume in the southern corridor of Metro Manila.

The detailed engineering design for the Laguna Lakeshore Road Network Project – Phase I is 97 percent complete. The processing of the loan for the construction of the project is underway with the Asian Development Bank.

The 44-kilometer Cavite-Laguna Expressway is expected to reduce travel time from Cavite Expressway (CAVITEX) in Kawit to SLEX Mamplasan in Laguna from 2 hours to 35 minutes.

The 17.4 km.-road from SLEX Mamplasan to Silang-Aguinaldo Interchange is already operational, while the remaining sections will be completed next year.

Bridges

Bonoan added that they are also prioritizing the construction of new bridges crossing Pasig River and Manggahan Floodway that will provide alternative linkages between major thoroughfares and increase the number of usable roadways that would decongest traffic major roads in Metro Manila.

So far, three of the six bridges have been completed, namely the Binondo-Intramuros Bridge; Bonifacio Global City-Ortigas Center Link Road Project; and Estrella-Pantaleon Bridge.

The design and build contracts for the other three bridges are ongoing, with civil works set to start this year.

Civil works for the North & South Harbor Bridge and Palanca-Villegas Bridge crossing Pasig River are targeted to start by the end of this year or early part of 2025 while construction of Eastbank-Westbank Bridge 2 crossing Manggahan Floodway is set to commence in September 2024, he added.

Also, the rehabilitation and replacement of the Guadalupe and Lambingan bridges, under the Japan International Cooperation Agency (JICA)-funded Metro Manila Priority Bridges Seismic Improvement Project, is set to begin this year.

This will ensure the safety of about 365,000 motorists who traverse the Epifanio de los Santos Avenue (EDSA) through the Guadalupe Bridge, and about 30,257 motorists that pass by Lambingan Bridge daily.

At the same time, Bonoan said one of the landmark projects included in the Inter-Island Linkage Bridge Program is the 32-kilometer Bataan-Cavite Interlink Bridge across Manila Bay, which is set to be the country’s longest bridge once constructed.

It is the biggest and the single most expensive project of DPWH which aims to reduce the travel time between Bataan and Cavite from 5 hours to 45 minutes bypassing Metro Manila.

The detailed engineering design of the PHP219 billion mega bridge project in Luzon has an accomplishment of 97 percent, with final approval of design plans currently ongoing.

Decongesting EDSA

Bonoan added that the transport road and bridge rehabilitation project along EDSA aims to mitigate the large economic losses due to traffic congestion in Metro Manila.

The project is currently proposed for inclusion in the JICA technical cooperation project for large-scale road and bridge replacement and rehabilitation including the total rehabilitation of EDSA.

The agency will also continue assisting the Metropolitan Manila Development Authority in road clearing and removal of obstructions as well as promote active transport by building more bike lanes and pedestrian infrastructure in coordination with the Department of Transportation.

Bonoan noted the collaborative efforts between government agencies, private sector stakeholders, and the community to implement the decongestion plan successfully. By Ferdinand Patinio

Article courtesy of the Philippine News Agency

The Philippine National Railways (PNR) said construction of the Metro Manila portion of the 147-kilometer North-South Commuter Railway (NSCR) will go full blast by October this year.

At the Saturday News Forum in Quezon City, PNR chair Michael Ted Macapagal said the National Capital Region (NCR) pre-construction works involve fencing, removal of old tracks and resolving right of way (ROW) issues.

“Nilalagyan po ng fences iyong mga areas so that hindi na madadaan ng mga tao at hindi na puwedeng may titira doon or whatever. Isi-secure iyong mga areas (We’re putting up fences in areas so that people can no longer pass and no one can live there or whatever. We will secure those areas),” Macapagal said.

He said old tracks will be migrated to other areas while clearing operations and ROW concerns are already being attended to.

In NCR, there will be construction of elevated and at-grade tracks and stations from Blumentritt, Manila to Sucat, Parañaque City.

He said the northern line of the NSCR is 50 percent complete and he sees the entire project completed by 2027.

The PNR’s Metro Manila line (Manila to Muntinlupa) is temporarily suspended, starting March 28, to give way to NSCR works.

The entire project from Clark, Pampanga to Calamba, Laguna is funded by the Japan International Cooperation Agency and Asian Development Bank.

The Philippines and Papua New Guinea (PNG) are eyeing possible cooperation on critical minerals and fisheries sectors, Foreign Affairs Secretary Enrique Manalo said Thursday.

After his bilateral meeting with PNG Foreign Minister Justin Tkatchenko, Manalo said the Philippines is eager to explore opportunities and “new forms” of partnership with the Pacific nation.

“On the economic front, we discussed greater cooperation on agriculture and fisheries, also in terms of downstream processing, (and) in critical minerals, such as copper or gold,” he said during a press conference at the Makati Diamond Residences.

Both the Philippines and PNG have vast amounts of gold, copper, and nickel deposits –
critical minerals vital to producing clean energy technologies.

The Philippines has been increasing interactions with foreign governments and stepping up support for local mining industries to position itself as a key player in the global value chains.

“The two ministers have identified this (critical minerals) as a potential priority sector during their meeting earlier and discussions are in an exploratory stage,” the Department of Foreign Affairs said.

Manalo said Manila and Port Moresby are also working to renew and enhance an existing memorandum of understanding on fisheries.

“I can only see a very broad and expansive relationship developing from our discussions today. And I think the focus will be a lot in the areas of food security, agriculture, and also other ways of promoting food resilience,” he said.

‘Defense, security’

On top of these, the ministers saw the need to enhance cooperation on defense and security matters, but Manalo said this would still have to be discussed in more detail.

He said he “updated” Tkatchenko on the challenges faced by Manila in the South China Sea, where several coastal states have overlapping territorial claims.

“We are concerned with the situation in the West Philippine Sea,” Manalo said. “We do have a very common commitment on the importance of international law, adherence to international maritime law. And we both felt that it's only through this adherence to international law, on which nations can cooperate fruitfully and peacefully.”

Tkatchenko is also in the Philippines for the two states’ inaugural policy consultations, which aim to facilitate enhanced communication and coordination on bilateral, regional, and international issues of mutual interest.

Currently, Papua New Guinea hosts more than 35,000 Filipinos, mostly working as managers and supervisors, contributing to both the Philippine and Papua New Guinean economies and societies.

In 1975, the Philippines was among the first countries to establish formal diplomatic ties with the Independent State of Papua New Guinea after it was declared and recognized as a sovereign nation on Sept. 16, 1975. By Joyce Ann L. Rocamora

Weir, the global leader in technology driven mining solutions and sole manufacturer of Linatex® premium rubber, has introduced new branding to their iconic red rubber. Linatex® premium rubber is renowned for its unparalleled wear life and total cost of ownership benefits, this new enhancement is a definitive stand against imitators selling inferior red rubber products under the Linatex® name.

To fortify the authenticity of Linatex® premium rubber, and protect its customers from subpar imitations, a significant branding enhancement has been implemented. All Linatex® premium rubber is now branded with four rows of black Linatex® logos, strategically placed along the length of the rubber roll. This distinctive branding will provide a clear and unmistakable identifier of the genuine Linatex® premium rubber. Extensive testing has confirmed that the black ink does not affect the unbeaten abrasion-resistant properties of the rubber that has been the industry’s first line of defence against abrasion for a century.

The introduction of this new branding will enable customers to instantly, visually, verify the authenticity of their premium rubber products. The presence of the black Linatex® logos will be a guarantee of superior quality and performance.

Linatex® premium rubber is made from 95% natural latex using a unique liquid-phase process patented in 1923. Remarkably, its formulation and manufacturing process have remained unchanged for a century, with Weir Minerals Malaysia proudly serving as the sole manufacturer of Linatex® premium rubber in the world.

Only Linatex® premium rubber provides the ultimate defence against abrasion. Customers are encouraged to always look for the Linatex® logo on their red rubber lining products. If it doesn't bear the "Linatex® " mark, it's simply not Linatex® .

By implementing these changes, Weir reaffirms its unwavering commitment to delivering the best-in-class wear solutions and protecting its valued customers from imitation products in the market.

Mark Doyle, Global Product Manager for Rubber, says, “Linatex premium rubber has been manufactured exclusively by Weir for 100 years and is the ‘go-to’ rubber to protect equipment from erosive damage. Imitators have tried to emulate Linatex with inferior red rubber – which can cost you money and potentially harm your people and the environment due to poor performance and unknown failures. Now when you buy a roll of branded Linatex rubber, you can see you are receiving the genuine Linatex premium rubber”

 “The Philippine Mineral Reporting Code (PMRC) sets out the minimum standards, recommendations, and guidelines for public reporting in the Philippines of Exploration Results, Exploration Targets, Mineral Resources, and Mineral Reserves,” [1] as explained by Mr. Ciceron Angeles, Jr., PMRC Committee Chairman and Consulting Geologist.

In November 2021, the PMRC Committee (PMRCC) applied for membership in the highly regarded Committee for Mineral Resources International Reporting Standards (CRIRSCO).

CRIRSCO is a grouping of international representatives of organizations that are responsible for developing mineral reporting codes and guidelines. The other member countries are Australasia (JORC), Brazil (CBRR), Canada (CIM), Chile (National Committee), Colombia (CCRR), Europe (PERC), India (NACRI), Indonesia (KOMBERS/KCMI), Kazakhstan (KAZRC), Mongolia (MPIGM), Russia (OERN), South Africa (SAMREC), Turkey (UMREK) and the USA (SME).  CRIRSCO was founded in 1994. The group is responsible for developing best practices for reporting mineral resources.

The main objective of CRIRSCO is to contribute to earnings and maintaining that trust by promoting high standards of reporting of mineral deposit estimates (Mineral Resources and Mineral Reserves) and of exploration.

When the Philippines’ PMRCC applied for membership in CRIRSCO in Nov. 2021, they are hoping to be approved before GEOCON 2023 in December. Fortunately, they received the approval they applied for in the timeframe they hoped for.

On Oct. 17, 2023, a ceremony was held in Rio de Janeiro, Brazil that formally welcomes the Philippines as a new member of CRIRSCO, thus making the PMRCC its 15th Member. This recognition also promotes the PMRC 2020 as one of CRIRSCO’s “family of codes”.

Representing the Philippines under PMRCC are Mr. Rolando Cruz (VP of Nickel Asia Corp.) and Mr. Ciceron Angeles, Jr. (PMRCC Chair and Consulting Geologist).

PMRCC is the Philippine’s reporting organization that is responsible for maintaining guidelines that ensure transparency, materiality, and competency, as a means to protect the investors, the public and other stakeholders.

With this milestone for PMRCC, they believe that the Philippines will now have a better chance of attracting more mining investments, because PMRCC is now at par with the standards of the other members of CRIRSCO.

Mr. Angeles said, “Joining CRIRSCO is a testament to our commitment to upholding the highest standards of reporting and ensuring the protection of investors. By aligning with internationally recognized reporting standards, we are strengthening the credibility and integrity of the Philippine minerals industry.” [2]

In following the CRIRSCO framework, the PMRC abides by the key principles of transparency, materiality, and competence.

Transparency will guarantee that all pertinent information is reported.

Materiality pertains to the disclosure of all factors that will affect the company’s share price and profitability.

Competence requires that the person who will be tasked to prepare the public disclosure reports is qualified and trustworthy.

The PMRC 2020 Edition (PMRC 2020) was approved by the Securities and Exchange Commission (SEC) in September 2021.

 “The PMRCC in collaboration of the Philippine Stock Exchange (PSE) is in the final stages of the drafting of the Implementing Rules and Regulations (IRR) of the PMRC 2020. It will still undergo a public hearing and a PSE comment period before PSE submits it to SEC for approval before the end of this year.” [1] (From “The Philippine Mineral Reporting Code (PMRC) Updates and Its Future for the Philippines” by Ciceron A. Angeles, Jr. – GEOCON 2023)

According to his report, PMRCC is still in discussion with the Department of Energy for the adoption of PMRC 2020. Coal is the last solid mineral commodity that is regulated by PSE among its listed companies but not yet by the corresponding national regulatory agency.[1]

Reference:

[1] Angeles Jr., Ciceron A. (Dec. 2023). “The Philippine Mineral Reporting Code (PMRC) Updates and Its Future for the Philippines”.  Presentation at the GEOCON 2023: Our Natural Resources: Fueling the Energy Transition Journey

[2] Talavera, Catherine (Nov. 2023). "Philippine accepted as 15th member of CRIRSCO". PhilStar Global.

Photo credits:

Group photo in Rio de Janeiro, Brazil - https://www.manilatimes.net/2023/12/04/public-square/ph-joins-crirsco-as-15th-member-through-pmrcc/1922646

All other photos – from CRIRSCO website - https://crirsco.com/

Australia recently launched one of their largest indigenous-led renewable energy project.  Australia’s First Nations Yindjibarndi people have partnered with ACEN, a Philippine renewables company, to develop and operate renewable energy projects in Western Australia.

In the Philippines, ACEN is one of the subsidiaries of the Ayala Corporation and is the Philippine Stock Exchange listed energy platform of the Ayala Group. The company has ~4,800 MW of attributable capacity from owned facilities in the Philippines, Australia, Vietnam, Indonesia, and India with a renewable share of 99%. This percentage is among the highest in the region.

The Yindjibarndi are an Aboriginal Australian people of the Pilbara region in Western Australia. Their traditional lands are located around the Fortescue River.

Her Excellency HK Yu PSM FCPA (Aust), Australian Ambassador to the Philippines stated, “What ACEN and the Yindjibarndi group are doing is fully aligned with the Strategic Partnership between Australia and the Philippines. We are happy to collaborate and work together to ensure that the partnership is mutually beneficial and sustainable.”

The Yindjibarndi people and ACEN will work together on wind, solar, and renewable energy projects on Yindjibarndi Ngurra.  This area is approximately 13,000 km2 within Yindjibarndi’s exclusive native title land in Australia. The partnership will be through Yindjibarndi Energy Corporation (YEC).

YEC is targeting to generate 750 MW of combined wind, solar, and battery storage under construction within the next few years. The investment will be more than PHP 36 billion. The energy that they will produce will be for domestic and export markets. For the next stages of the project, their goal is an additional 2 GW to 3 GW of combined wind, solar, and battery storage.

The leadership of YEC includes Anton Rohner, ACEN-appointed director and chairman, and Craig Ricato, Yindjibarndi-appointed director and CEO of YEC.  

Ricato stated, “This partnership between ACEN and the Yindjibarndi People was built on shared values. ACEN were genuine in their interactions with the Yinjibarndi people – they were honest about their intentions and listened to what the Traditional Owners needed. This made the Yindjibarndi comfortable around ACEN’s people and put them in good standing to negotiate the terms of the partnership agreement.”

ACEN International CEO Patrice Clausse said, “We feel deeply honored by the trust that Australia’s Yindjibarndi community has given us to work collaboratively with them. The Pilbara region is home to some of the largest industrial energy users globally, many of whom have expressed their desire to transition to a carbon-neutral future. We are actively engaged in promising dialogues with potential off-take customers to purchase the renewable energy.”

ACEN has established a solid footprint in Australia’s renewable energy sector, contributing significantly to the country’s clean energy transition and sustainability goals.

The Australian Embassy in the Philippines is supporting ACEN with market information and opportunities.

Clausse also noted, “Australian investment advisors in the Philippines and Australia are helping us keep up to date with developments in Australia’s growing renewable energy sector and sharing information on investment opportunities.”

“They are also pivotal in helping us connect with government representatives at federal and state levels.”

Its partnership with the Yindjibarndi is not its first with First Nations groups on energy projects in Australia. In March 2023, the renewable energy firm launched in New South Wales the first stage of its New England solar project. As part of this project, ACEN has partnered with the local Anaiwan people to ensure culturally significant areas located on the project site are protected for future generations.

Photo source: Courtesy of Australian Embassy in the Philippines

It may not be obvious at first, but tires are one of the top expenses of a mining company, along with fuel and equipment costs. When one tire of a mining truck used for moving earth and ore costs an estimated US$10,000, any prudent company must figure out how to maximize this investment.

That’s where companies like Higantis Corporation come in. Instead of constantly needing to replace and buy tires for different types of heavy equipment and vehicles, mining firms have turned to Higantis for all their Off-the-Road (OTR) tire needs – leading to significant cost savings and worry-free maintenance at the mine site.

Higantis has over 30 years of experience in this field, dating from its forerunner, Leemasters International Systems, which pioneered OTR tire repairs and services to mining firms in the country.

Among Higantis’ notable clients are major players in the construction, industrial, mining, and quarry sectors.

As a one-stop-shop for all things tire-related, Higantis not only supplies brand-new OTR tires, but it also provides total tire management services for a mining company’s fleet - from providing professional tire repair services at the mine site through its roster of tire technicians to advising firms on how to recycle their scrapped tires, there’s nothing Higantis can’t do when it comes to rubber tires.

As a pioneer in the industry, they provide their own manpower to the mine sites.

Moving giant tires out of a mine site can be tedious and expensive. Higantis helps its clients reduce costs by bringing the service to them on-site, including all the equipment and supplies needed. Clients just need to provide the suitable workspace, and Higantis can get to work.

Indeed, majority of Higantis’ workforce is stationed on-site with their clients. Most of them are locals of the mine area that Higantis have trained to become professional tire men, guaranteeing that a client will have the best tire experts ready for any emergency.

When it comes to Higantis’ PTR (Professional Tire Repair) services, this is not the typical vulcanizing shop operation that most are familiar with. Quality OTR tire repairs require patience because it is a long, meticulous process, and a small amount of error may compromise the repair.

Being diligent in correctly assessing the tire’s condition, understanding how the tire is constructed and (like a doctor) knowing what you’re operating on before you cut, drill, and scythe the rubber before conducting the repair is a true hallmark of a Higantis tire technician.

There’s more to it than the physical component. Higantis usually recruit candidates who have experience with tires, then train them on the theories and equipment to ensure a safe and quality repair. Proper training makes all the difference.

At Higantis, tire technicians are taught how to evaluate injured tires, and to truly determine if they can be effectively repaired, especially when the tires are over 50-percent worn out. There’s a cost to repairs, but it should always be lower than buying a brand-new tire and the value of the tire to be repaired. If Higantis cannot ensure the customer that a repaired tire will hold up during operations, it will recommend getting a new tire.

Higantis has been on top of its game for over three decades now, not just due to the expertise of its “tire doctors” but also through its quality equipment and process that differentiate them from other service providers. Higantis was also the first to introduce the Monaflex Tyre Repair Systems locally.

They are the first in the country to guarantee their repairs until the tires are fully worn out. If anything happens to the repair, they will repair it again, free of charge.

The goal of every tire repair is to save at least 25 percent of the cost of the remaining value of the tire to be repaired. Higantis thus measures a tire’s value by the thickness of its remaining tread. That’s why it should be properly assessed before the repair – not only if it’s safe to repair but economical as well. The cost also depends on the severity of the tire injury.

When it comes to brand new tires, Higantis has two of the most reliable names in the industry – Goodyear Off-the-Road and Maxam (Sailun group).

Higantis is not merely a supplier nor trader. As a total tire management service provider, they make sure their clients get the most cost-efficient tire for their equipment and operations, even providing performance reports on how each tire brand in-service is faring. They are transparent with their clients and this is the reason why they have lasted all these years – by earning the trust of the customer.

These and other reasons are why Higantis can claim to be the premier OTR tire solutions provider in the country today – a veritable giant in the field, like the tires on the off-highway trucks that dwarf people at mine sites across the country.

OP Pro is Hexagon’s full-featured solution for fleet management, equipping mining professionals with invaluable insights into all aspects of their fleet operation within a user experience designed for efficiency.

Used by mines worldwide, this product helps operations safely accelerate efficiency and avoid disruptions caused by poor fuel/time management, disorganized shift changes and substandard equipment utilization. It is an integral part of Hexagon’s open pit and underground fleet management capabilities, which cover machine guidance, operator assist, machine and asset health and fragmentation analysis.

Mine operators can effortlessly receive a complete picture of the position, status, activity, production and utilization of all equipment as OP Pro continuously collects and stores data for graphic representation. The number of loads and tonnes moved per equipment is revealed, material movement is tracked, equipment movement is monitored, and incorrect transactions are highlighted.

Hexagon OP Pro enables mines to maximize equipment use, improve workflows, reduce costs and improve productivity, combining hardware and software to automate production cycles and operation workflows, optimizing haulage and fuel consumption.

Benefits

• Data-informed decision making for improved fleet efficiency and productivity
• Reduced fuel consumption with potential to shrink carbon footprint
• Minimized equipment wear-and-tear for lower maintenance/operating costs
• Enhanced visibility of mobile mining fleet by activity, enabling ongoing material tracking
• Short learning curve for quick adoption by operators

Features

• Real-time situational awareness with a bird’s-eye view for operators and corporate office through GPS tracking
• Insight-building fleet reporting
• Truck route optimisation
• Recorded movement of time, tonnes and terrain
• Market-leading, modern, intuitive operator interface
• Scalable and integrates with Hexagon safety solutions such as Collision Avoidance System and Vehicle Intervention System

Integrated life-of-mine solutions

Having one technology partner for the life of your mine is a superpower in the face of modern mining challenges. Our integrated, data-driven solutions help eliminate the need for disparate products across workflows within mine planning, fleet management, monitoring, safety and beyond. With Hexagon, you gain a trusted partner backed by over 50 years of expertise who remains focused on an autonomous future both above and underground.

The Department of Public Works and Highways (DPWH) is committed to address infrastructure challenges in the Philippines and build a more resilient and prosperous future under Bagong Pilipinas by further strengthening partnership with the Japan’s Ministry of Land, Infrastructure, Transport, and Tourism (MLIT) and the Japan International Cooperation Agency (JICA).

DPWH Senior Undersecretary Emil K. Sadain, in separate meetings with MLIT and JICA officials led by MLIT Vice Minister for Engineering Affairs Mikio Yoshioka and JICA Deputy Director General for Southeast Asia and Pacific Department Ms. Tanaka Yuko underscored the steadfast dedication of the Government of Japan to assist the Philippines in enhancing infrastructure landscape thru on-going bilateral cooperation.

The meetings held in Tokyo, Japan on March 22, 2024 were also participated by DPWH Unified Project Management Office (UPMO) Project Directors Benjamin A. Bautista and Ramon A. Arriola III.

Among the Philippines key projects mentioned in the meetings are the 45.5-kilometer Davao City Bypass Construction Project and the proposed 60-kilometer Dalton Pass East Alternative Road Project in Cagayan Valley including consideration of Japan’s Public - Private Partnership model with emphasis on equitable financial and risk allocation for government and concessionaire in the future operation and maintenance of the two (2) infrastructure flagship projects under the President Ferdinand R. Marcos Jr. administration’s “Build Better More” agenda.

The meetings also highlighted concerns about ageing bridges, especially the San Juanico Bridge connecting Samar and Leyte Provinces, First Magsaysay Bridge in Butuan City, and the Serging Veloso Osmena Jr. Bridge formerly known as the 1st Cebu-Mactan Bridge in Cebu City; the rehabilitation of Efipanio Delos Santos Avenue (EDSA); and flood management system in the Philippines including Pasig-Marikina River Channel Improvement Project and Paranaque Spillway Construction Project.

In the continuous strides to achieve and maintain sustainability and resiliency, DPWH also supported a hybrid seminar in Japan on infrastructure maintenance organized by MLIT which was participated by more than 300 representatives from the DPWH and identified local and foreign construction and engineering groups from Japan and the Philippines.

The seminar was spearheaded by Senior Undersecretary Sadain and MLIT Deputy Minister Seiichi Onodera alongside the presence of various leading Japanese companies introducing highly advanced and upscale technologies specially designed for infrastructure maintenance, particularly on roads and bridges.

In his opening message, Senior Undersecretary Sadain expressed his gratitude to the Government of Japan for its long-standing partnership with the Philippines on numerous infrastructure projects through JICA, the implementing agency for technical cooperation of Japan’s official development assistance (ODA).

DPWH under the leadership of Secretary Manuel M. Bonoan has always remained persistent and committed to improving its policies and mechanisms, adapting to new and innovative technologies supplemental to fostering safe, resilient, and sustainable Philippine Infrastructures also rallying towards the DPWH INFRAgenda 2028.

MLIT Deputy Minister Seiichi Onodera expressed gratitude to the Philippine Government for the continued trust and recognition of Japan’s infrastructure developments and the interest in conforming to their country’s methods and practices, particularly in the maintenance of roads and bridges.

“We, at MLIT, take infrastructure maintenance very seriously, not only does it guarantee a safe and reliable foundation, but most importantly promotes economic growth, productivity, and resilience.”

DPWH UPMO Roads Management Cluster 1 (Bilateral) Project Director Bautista presented the current status as well as the challenges encountered in addressing the needs for preventive and extensive maintenance in infrastructures including the ageing bridges in the Philippines and the proposed new structure such as Second San Juanico Bridge under upcoming new JICA Loan Agreement.

Among the new technologies presented by EJ Innovation Technology Center under Eight-Japan Engineering Consultants Inc. include the utilization of underwater investigation tools, for instance, the autonomous unmanned survey and the autonomous underwater vehicle, an underwater mapping tool and facility survey that acquires various data on topography, like water depth, fixed height, passing point, and penetration angle.

Also included in the discussion was the report on the Japanese Infrastructure Maintenance Technologies Transfer Preliminary Study for the Republic of the Philippines administered by the JFE Engineering Corporation requested by the DPWH aiming to implement ageing bridge renewal engineering and technologies in the Philippines. The study encompasses the site survey of the deteriorated bridges, business matching with the NLEX Corporation to Japanese companies, and the Japan tour and exhibits on proposed technologies and technical institutes.

Other Japanese companies that presented their infrastructure maintenance technologies were IHI Infrastructure Systems Co., Ltd, Taiheiyo Cement Corporation, DataLabs, Inc., TOA Road Corporation, and Central Nippon Highway Engineering Tokyo Company Limited.

Moreover, it can be expected that more coordination meetings and seminars will happen this year between DPWH and the Japanese companies through MLIT-Japan regarding the infrastructure maintenance structure and technologies needed in the Philippines.

The research studies under the Apex Mining Professorial Chairs in Mining and Metallurgical Engineering have shown that mining tailings and silt are potential substitutes for cementitious materials in concrete mixes while using non-noble metals as reduction catalysts can reduce the cost of producing fuel cells.

The Apex Mining Professorial Chairs, signed in 2023, is administered through the UP Engineering Research and Development Foundation, Inc. (UPERDFI). This collaboration between UPDERDFI and Apex Mining aims to help improve mining and mineral processing technologies and practices thru research.  

Luis R. Sarmiento, ASEAN Eng., Apex Mining’s president and CEO, lauded the awardees for their outstanding research work in their respective fields. “We are pleased with the initial outcome of the Apex Mining Professorial Chairs. The output that we can generate from the studies supported by our program will hopefully have significant impact, not only in the local mining industry, but globally as well.”

Assistant Professor Karlo Leandro Baladad, awardee from the Department of Mining Engineering, submitted his group’s study on utilizing mining tailings and silt as possible substitute cementitious materials for concrete mixes which can be used for construction material or for additive manufacturing applications.

Tailings, which are by-products of the extraction of valuable metals from an ore, can

generate acid or trace metals that could leach and pollute water sources if not properly handled.

While Apex Mining’s tailings storage facility is state of the art, it is good to find relevant uses of these tails, Sarmiento said.

On the other hand, Associate Professor Dr. Richard Espiritu, grantee from the Department of Metallurgical Engineering, presented his group’s research on using non-noble metals as oxygen reduction reaction catalysts for alkaline anion exchange membrane fuel cell.

Fuel cells require catalysts for its optimum operation, but the use of platinum-based catalyst, while exhibiting excellent performance, comes at a high cost. Lowering the assembly cost through the use of alternative catalysts can scale up the production of fuel cells — a promising technology that can help solve environmental and energy crises.

Securing clean energy sources is another priority of the company, said Sarmiento.

Recently, Apex Mining inked a contract with First Gen to sourcing energy from First Gen’s Mt. Apo Geothermal Power Plant in Kidapawan, Cotabato. Thus, Apex Mining is First Gen’s first Directly-Connected Customer (DCC) in region 11.

Investment and job opportunities in the province are seen to get a boost as the construction of the Pangasinan Link Expressway (PLEX) begins after the groundbreaking ceremony here Thursday.

“It will serve as a backbone of the province in terms of ease of travel and accessibility. If we are able to construct it, it will open many doors to other towns and cities. There will be growth in investment, jobs created, the ease of travel in and out of the province,” Pangasinan Governor Ramon Guico III said after the groundbreaking and unveiling of the marker.

The ceremony was done five months after officials of Pangasinan’s provincial government and San Miguel Holdings Corp. (SMHC) signed the joint venture and tollway concession agreements for the construction of the PHP34 billion 42.76-km. expressway project phase one. Funded by SMHC, it will connect the province’s eastern and western parts.

Guico said other major infrastructure projects like the Bolinao airport and upcoming seaport projects are anchored on the construction of the PLEX.

San Miguel Corp. president and chief executive officer Ramon Ang, in his speech during the program, said the road construction would bring economic growth along its way, citing as an example the impact of the Tarlac-Pangasinan Expressway (TPLEX) on the economy of the towns and cities it passes through.

He said the value of land in Binalonan, Pangasinan cost about PHP200 per square meter before the construction of the expressway but has increased to about PHP2,500 per square meter a couple of years after TPLEX was built.

He said PLEX would also connect to TPLEX and provide access to the planned New Manila International Airport in Bulacan.

The PLEX phase one has three main sections – the 7-km. stretch from Binalonan to Manaoag, the 11.3-km. stretch from Manaoag to Calasiao, and the 22.1-km. stretch from Calasiao to Lingayen, which will also have a 2.4-km. spur road in Calasiao town.

Ang said the project’s phase 2 would extend to Alaminos City as demand increases.

Once completed within the targeted four- to five-year construction period, the first phase of the expressway is expected to shorten travel time from the TPLEX exit in Binalonan town to Lingayen from 90 minutes to just half an hour or less.

For the first time in 15 years, the Philippine government granted permit to the copper mining project of Perth-based Celsius Resources with initial investments of USD253 million, or around PHP14 billion.

In a statement over the weekend, the Department of Trade and Industry (DTI) said Celsius Resources’ local unit Makilala Mining Company, Inc. (MMCI) was granted a Mineral Production Sharing Agreement (MPSA) by the Department of Environment and Natural Resources (DENR) on March 15.

The 25-year MPSA, which could be extended for another 25 years, is for the company’s Maalinao-Caigutan-Biyog (MCB) Mining Project in the Cordillera Administrative Region.

The MPSA gives the company the exclusive rights to explore, develop, and commercially produce copper and associated minerals within the 2,500-hectare contract area.

DTI said the MCB mining project is part of the USD1.53-billion investment pledges that President Ferdinand R. Marcos Jr. received during his visit to Melbourne, Australia early this month.

“During his visit to Melbourne, President Marcos Jr. addressed the Australian business community, highlighting the Philippines’ vision to become a regional hub for smart and sustainable manufacturing. He emphasized the country’s focus on attracting sustainable-driven strategic investments, particularly in critical mineral processing, while ensuring adherence to strict labor and environmental standards,” DTI said.

According to Celsius Resources, the company has earmarked USD253 million as initial capital expenditure for the MCB project “with a payback period of approximately 2.7 years”.

It added that upon operation, the national government’s share of production includes excise tax on mineral products on top of a royalty of at least 4 percent of the gross output, as well as other taxes, duties, and fees levied by existing laws.

MMCI will also pay an annual occupation fee to the municipality where the project is located.

“As at the date of this announcement, the annual occupation fee which would apply to the Contract Area would be approximately A$5,000 (PHP183,000) per year,” Celsius said.

Moreover, the Australian company said it will proceed with the process to obtain the Certificate of Pre-condition from the National Commission on Indigenous Peoples (NCIP) as part of the Free, Prior and Informed Consent (FPIC) Process.

On Nov. 15, 2022, MMCI already signed an agreement with the Balatoc Tribe community setting out the terms and conditions for utilizing their land for the purpose of mining.

The company is also allocating "an annual royalty payment of not less than 1 percent of the value of the gross output of minerals sold" to the Balotoc Tribe community and "a minimum of 1.5 percent of the operating costs necessary for the development of the host and neighboring communities".

It added that it will hire qualified Filipino citizens during mining operations, wherein the company will provide training and recruitment programs.

“Now is our chance to deliver on our firm commitment to work with the government and the local communities to develop the MCB Project in a sustainable manner that creates value not only for our shareholders but also for our communities,” Celsius executive chairperson Julito Sarmiento said. By Kris Crismundo

Article courtesy of the Philippine News Agency

Global Ferronickel Holdings, Inc. (PSE: FNI), a leading nickel ore producer in the Philippines, reported revenues of ₱8.8 billion in 2023, operating income of ₱2.8 billion, net income attributable to shareholders of ₱1.5 billion, and earnings per share (EPS) of ₱0.3022.

The 30.5% year-over-year increase in revenues to ₱8.8 billion was largely driven by the higher volume from full-year operations and medium-grade ores from the Palawan mine, which started commercial shipments in September 2022 and became a subsidiary in December 2022. This strong performance offset the lower volumes at the Surigao mine, weighed down by weather, as well as the weaker prices for low-grade ores amid expanded output from mines in Indonesia.

FNI President Dante R. Bravo said: “Our revenues highlight our success in operating the Palawan mine reliably in its first full year of production. This diversification helps improve our cash flows and better positions us to take advantage of opportunities for short- and long-term growth.”

Total sold volume was 4.717 million wet metric tons (WMT), of which 3.297 million WMT were from Surigao and 1.420 million WMT were from Palawan. As a result, the sales mix was 64% low-grade ore and 36% medium-grade ore compared to 76% low-grade and 24% medium-grade in 2022. The average realized nickel ore price was US$33.28/WMT, rising 5.1% on a favorable mix combined with stronger prices for medium-grade ores, which were 11.6% higher than last year.

Cost of sales were up 52.5% to ₱3.6 billion mainly due to greater contract hire and personnel costs following the increase in sales volume from the opening of the Palawan mine. Operating costs remained under control and were relatively flat at ₱2.4 billion, or 27.3% of revenues, as the increase in general and administrative expenses were brought down in part by lower shipping and distribution costs in relation to the softer volumes and reduced freight costs at Surigao. Finance costs rose 73.2% to ₱275.6 million, in line with the recognition of interest expenses resulting from the acquisition of an associate company in 2022.

Consolidated net income decreased 15.9% to ₱1.8 billion due to the high base from last year that included a one-off gain of ₱680 million from a settlement received by a subsidiary in 2022. Excluding this one-time transaction, consolidated net income would have accelerated 22.9%.

After deducting the net income attributable to non-controlling interests, net income to FNI shareholders was down 19.6% to ₱1.5 billion while EPS declined 18.2% to ₱0.3022. Without the one-off impact in 2022, net income attributable to shareholders grew 3.9% and EPS rose 5.8%.

The company’s balance sheet remains robust with net cash of ₱1.3 billion, based on the sum of short-term interest-bearing borrowings of ₱347.3 million and lease liabilities of ₱823.3 million, less cash and cash equivalents of ₱2.4 billion.

FNI also delivered for shareholders through increased returns and capital investment. Dividends distributed amounted to ₱524.2 million and share buyback totaled ₱295.4 million for the year. Capital expenditures reached ₱871.4 million, 42.5% over the previous year. Recent investments have been directed towards expansion in mine facilities, causeway, and land acquisition for future projects.