StatusBefore mining is reactivated in the Philippines two major updates are needed, 1) The environmental concerns need to be addressed and standards implemented and 2) royalties and tax agreements need to be updated to be more equitable and fair to the citizens of the Philippines.
Where are we? Item 1 has been implemented and item 2 is in a current bill before parliament. Once item two is completed then the steps to remove the open-pit ban will happen. It will probably be the 3 permit ready projects on hold are opened first, then more mines will open down the road. (The Tampakan Copper Project of Sagittarius Mines, Inc., the King-King Copper-Gold Project of Nationwide Development Corp. and St. Augustine Gold & Copper Ltd., and the Silangan Copper and Gold Project of Philex Mining Corp.)
1) Environmental Standards have been updated:
https://www.philstar.com/business/2020/09/18/2043181/miners-roll-out-sustainable-mining-initiatives
Louise Maureen Simeon (The Philippine Star ) - September 18, 2020 - 12:00am
MANILA, Philippines — After nearly three years, the local mining industry is finally adopting the Towards Sustainable Mining (TSM) initiative of the Mining Association of Canada (MAC), one of the global benchmarks in the extractive minerals industry...
2) Updated royalty and tax changes are contained HB-6135 - the fiscal mining regime bill which should be passed shortly.
https://abolawfirm.com/house-bill-no-6135-the-proposed-fiscal-mining-regime-bill/
HOUSE BILL NO. 6135: THE PROPOSED FISCAL MINING REGIME BILL
One of the economic measures being fast-tracked by Congress is House Bill No. 6135 or the Fiscal Mining Regime Bill. The objective of the bill is to rationalize and institutionalize a fiscal regime applicable to all mineral agreements. This would enhance the government’s equitable share in the utilization of natural resources without compromising the mining sector’s need for a reasonable return on investment.