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Bullboard - Stock Discussion Forum St Augustine Gold and Copper Ltd T.SAU

Alternate Symbol(s):  RTLGF

St. Augustine Gold and Copper Limited is a Singapore-based mineral exploration company. The Company is focused on the King-King copper-gold project on the island Mindanao in the Philippines. The King-king tenement is comprised of approximately 184 mining claims that are owned by Nationwide Development Corporation (NADECOR). The Project is a copper-gold mineral reserve located at Sitio Gumayan... see more

TSX:SAU - Post Discussion

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Post by Bandmanblues on Nov 13, 2021 6:33pm

Open pit

BUSINESS

MGB hopeful on resumption of open pit mining

Catherine Talavera - The Philippine Star 
 

MANILA, Philippines — The Mines and Geosciences Bureau (MGB) of the Department of Environment and Natural Resources (DENR) is hopeful the draft department administrative order (DAO) lifting the ban on open pit mining will be signed before the end of the Duterte administration.

MGB director Wilfredo Moncano said environment secretary Roy Cimatu gave the assurance that the administrative order would be signed before the end of President Duterte’s term.

“Actually, I am hopeful this will be signed before the year ends,” Moncano said.

 

The lifting of the ban on open pit mining was a provision earlier included in the draft implementing rules and regulation (IRR) of Executive Order (EO) 130, which allows the government to enter into new mineral agreements.

The said provision, however, was omitted in the signed IRR under DAO 2021-25.

 

Moncano said consultations with stakeholders regarding the open bit ban were already conducted during the drafting of the EO 130 IRR.

“If you will recall, after the issuance of EO 130, the MGB conducted a two-day consultation for the drafting of the IRR of EO 130. In that consultation, it was already included, the lifting of the open pit ban was already included in that presentation,” Moncano said, referring consultations attended by mining companies as well as non-governmental organizations and representatives from the academe.

“Right now this draft DAO has already passed the DENR policy technical working group and DENR review committee composed of usecs (undersecretaries) and we have also discussed with Department of Finance (DOF),” Moncano said.

Moncano said the draft DAO also has a provision on alternatives to the open pit mining method.

“The main criteria in allowing open pit is that (if) it’s the only possible option in recovering these minerals. But if there are other options that is not termed open pit,” Moncano said.

He earlier said the lifting of the open pit mining ban could help boost the country’s economic recovery.

Environmental groups, however, continue to oppose the lifting due to its negative impact on the environment and communities.

With the lifting of the open pit ban likely to be pushed by the current administration, Moncano expressed hope that the next administration will retain the policy.

“My prayer, my hope is that there will not be a change of this policy because that will be again a destabilization of our mining and business environment,” Moncano said.

Comment by Robert1 on Nov 13, 2021 6:53pm
Nice.  Right on cue!  Hope everyone loaded up last week on the pullback for the next yo-yo bounce up to about 13 cents again. After that, likely another fade if no positive news, or a break out if confirmed.  Yo-yo.  Cheers, Robert
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