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Philippines
A supplement toMining Journal
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September 2009Mining Journal special publication Philippines2
CONTENTS
Message from the MDC 2
Introduction 2-3
Why invest in the Philippines?Mineral potentialClimate
GovernmentCountry overview 4-9
Mineral industryGovernment policies affecing industryGold, copper and nickel
Recent developments 10-12
MDC history 12
MDC directory 14
Cover image: Prospective ground for epithermal gold on
Mindanao Island. Inset: Three photos of Philex Mining: the
mine community; co-workers at the underground mine
works; and the ball mill mill department Photos: Philex
ACCOMPLISHMENTS are
visions transformed into
action. The accomplishment
report of the Minerals
Development Council (MDC)
proves that the government and the private
ector remain committed to the vision of
revitalising the minerals industry as one of the means
o conquer pover y.
We have come a long way since President Gloria
Macapagal Arroyo announced a policy shift from
tolerance to active promotions of the industry in
Year 2004. With the MDC as overall co-ordinator of
the revitalization programme, we have promoted
priority mining and exploration projects here and
abroad, harmonised the implementation of some laws
and policies affecting the sector, and engaged all
takeholders in continuous and meaningful dialogues.
We have chosen to act on the issues and concerns
outlined in the Minerals Action Plan that will
promote an investment climate that is more
conducive for business, while balancing out theinterests of host communities, local governments and
other stakeholders, and without sacrificing the quality
of our environment.
In the coming years, the MDC will remain focused
on several action points including the development of
an industrialisation programme through the
development of services and supplier industries and
of downstream processing for metal and manufac-
tured products. We will continue to support the
passage of the bill on the direct remittance of local
government shares in mining taxes, fees and
royalties. We also hope to expand the
allocation for community development and
provide funds for the conduct of information,
education and communication campaigns for
responsible mining. Moreover, the MDC will
continue to work for the implementation of
the Extractive Industries Transparency Initiative to
ensure greater transparency in revenue collection and
management. We will likewise continue to rationalise
the implementation of small-scale mining laws, rules
and regulations and strengthen the implementation of
the streamlined permitting procedures.
We expect the mining sector to continue facing
more challenges in the wake of the global financial
crisis. However, we are confident the MDC will be
able to assist the industry seek innovative ways to
overcome this hurdle. The MDC will not waiver in its
mission of developing our mineral resources for the
benefit of the country and the Filipino people. The
tasks seem daunting but we have already begun some
good actions, and we will not rest till we bring it tofull com
on. Jose L. Atienza, Jr
hairman, Minerals Development
Council, Office of the President,
and Secretary, Department of
Environment and Natural Resources
A message from the MDC/DENR
Published in September 2009
Aspermont UKAlbert House, 1 Singer StreetLondon EC2A 4BQUnited KingdomTel: +44 (0)20 7216 6060Fax: +44 (0)20 7216 6050E-mail: [email protected]: www.mining-journal.com
upplement editor: Chris HindeDesign and production: Tim Peters,
Printed by Stephens & George, Merthyr Tydfil, UK
Aspermont UK 2009
y:
INTRODUCTION
THE country enjoys democracy, with a
free market economy, and remains
among Asia-Pacific regions top
investment destinations owing to its
liberalised investment policies and
conducive investment environment.
Investor interest in the domestic mining industry
did not wane last year despite the global financial crisis.The strong demand for minerals and metals by China,
India, Korea, Japan and other developing countries in
the region has sustained exploration and mining
activities in the Philippines. While there has been a
reduction in the exports of nickel ore shipments,
demand for the countrys other resources in gold,
copper, iron ore, chromite and coal remained good.
With prices of these commodities considered
above break-even levels, a number of mining
operations started in late 2008 and early 2009, defying
cepticism that has hounded commodity markets.The Philippines earned its high rating by posting
economic growth averaging 4.4% annually from 2001
to 2006, the countrys best six-year average in the
past 18 years. GDP growth in 2007 was a remarkable
.1%, while there was a growth of 3.8% in 2008
despite the international difficulties. Interest rates
have remained stable, and inflation has further eased
in view of fiscal and monetary reforms.
The Philippine government has deregulated the
telecommunications, shipping, oil and energy, banking
and insurance industries, and has a continuing
economic and financial reform programme. Straddling
the well-defined belt of volcanoes around the Pacific
(the so-called Ring of Fire), the Philippines has thegreatest number of proven deposits of metallic and
non-metallic minerals among Southeast Asian
countries.
WHY INVEST IN THE PHILIPPINES?Existing mining laws are attractive to investors. They
allow co-production, joint venture, mineral production
haring, and financial or technical assistance
agreements for large-scale mining projects. The
current policy of revitalising mining has spurred
renewed interest in the industry. The presence of
major mining companies such as Anglo American,
AngloGold Ashanti, BHP Billiton, CVRD, Phelps Dodge,
Sumitomo Mining and Xstrata, attest to the allure ofPhilippine mining.
The countrys private and government sectors are
taking stock of the current metals market and the
urging minerals demand of industrialising countries,
Asian gatewaye i ippines is a natura gateway to t e ot er sia- aci ic
economies, and has flourishing trade links with the region
Country information
Location:
The Philippines lie in the western Pacific Ocean,
just north of the equator, southeast of the Asian
mainland, with Taiwan north and Indonesia to theouth.
Capital: Manila.
Geography:
The Philippines is the worlds second-largest
archipelago after Indonesia. It consists of 7,107
islands, with a total land area of 299,764km2 . he
interior is mountainous, skirted by lowlands and
alluvial plains. The highest point is Mt Apo on
Mindanao Island at 2,954m above sea level.
According to the Philippine Institute of
Volcanology and Seismology, there are more than
400 volcanoes throughout the archipelago, ofwhich 22 are active, 27 are potentially active, and
more than 350 are inactive. There are three major
island groups: Luzon, Visayas and Mindanao.
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Mining Journal special publication PhilippinesSeptember 2009
INTRODUCTION
3
notably from China and India, and the recovery of the
Japanese economy. With the rest of the worlds
ignificant economies likewise on an upswing, the
prospects are bright for Philippine minerals.
In a special report London-based ining ourna
wrote recently that over the past decade, and despite
tiff competition from other countries for the
exploration dollar, the Philippines has progressed
ignificantly, and exploration activity has resulted in
the discovery of a new generation of potentially
world-class deposits, such as Tampakan (copper), Far
Southeast (copper-gold), Boyongan (copper) and many
others. They can be differentiated from previous
discoveries that were of low grade and shallow-
eated.
MINERAL POTENTIALThe Philippines covers some 30Mha but only less than
2% are presently covered by mining permits, and
ome 30% of the remaining area is regarded by the
Mines and Geosciences Bureau to be geologically
prospective for metallic minerals. As a result, there is
an estimated 9Mha that has potential for metallic
minerals.A large pool of Filipino professional geologists and
mining engineers have extensive experience in mineral
exploration and mining operations. A continuing
cholarship and training programme is being
implemented to address an increasing demand for
killed workers. Moreover, English is spoken and
understood throughout the archipelago.
The Philippines offers foreign investors a high
tandard of living at low cost. First-rate housing,
hotels, schools and recreation facilities are found in
Metro Manila and in major cities all over the country.
Repatriation of the earnings and capital of foreign
investors is guaranteed. Investors from various lands
will find the Filipino people a happy mix of Asian andWestern cultures. Among Asian countries, the
Philippines is perceived to be the most westernised.
But the tapestry of Philippine culture also threads
other than Spanish and American-Malay, Chinese,
Arabian, Indian and Japanese. These are the major
cultures that streamed into Philippine history, along
with influences from the English, the French, the
Germans and the Dutch. Still, 110 ethno-linguistic
groups scattered throughout the archipelago retain
their distinctive identities and dialects.
CLIMATEThe Philippines has a tropical-marine climate,
characterised by relatively high temperature, highhumidity and abundant rainfall, similar in many
respects to the climate of Central America. The mean
annual temperature is 26.6C, except in Baguio City.
The coolest month is January with a mean tempera-
ture of 25.5C; the warmest is May, with a mean
temperature of 28.3C. Baguio City, at an elevation
of 1,500m, has a mean annual temperature of
18.3C, earning its popularity as the countrys
ummer capital.
The countrys average monthly relative humidity
varies between 71% in March and 85% in
September. Mean annual rainfall ranges from 965 to
4,064mm annually. Baguio City, eastern Samar and
eastern Surigao receive the greatest amount ofrainfall, while the southern portion of Cotabato
receives the least. At General Santos City in South
Cotabato, the average annual rainfall is only 978mm.
Based on temperature and rainfall, the countrys
climate can be divided into two major seasons: first,
the rainy season from June to November, during the
outhwest monsoon; and, second, the dry season from
December to May. The dry season may be further
divided into the cool dry season (December to
February) coinciding with the northeast monsoon,
and the hot dry season (March to May).
Straddling the typhoon belt, the Philippinesexperiences 15-20 typhoons yearly, usually from July
to October. The typhoons move generally northwest-
erly from the Marianas and Caroline Islands in the
Pacific, sparing Mindanao Island.
GOVERNMENTThe Philippines is an independent democratic and
republican state. Its government consists of three
co-equal branches: the executive, the legislature and
the judiciary. Executive power is vested in the
President; legislative power in the bicameral Congress;
and judicial power in the Supreme Court and other
courts established by law.The President is elected by direct vote of the
people for a single term of six years. In the Congress,
the Members of the House of Representatives hold
three-year terms, while those of the Senate serve for
six years. Local government officials have
three-year terms.
The most recent elections for the Congress and
local government officials were held in May 2007.
The magistrates of the Supreme Court and of the
lower courts are appointed by the President from
the nominees of the Judicial and Bar Council,
without need for congressional confirmation.
Provinces are headed by governors, and cities
and municipalities by mayors.The barangay is the basic political unit and is
administered by a set of elective officials headed by
the chairman, locally known as the punong
barangay.
Percentage of highly prospective areas in the Philippines
Mining industry, benefits to the economy
Gross domestic product and export growth(share of mining in gdp and total exports)
Year GDP GVA/Mining % Total Exports Minerals Share %
(PP million) (US$ m) Share (US$m) (US$m)
1990 721 29.6 11,091 1.5 8,126 723 8.8
1995 803 31.2 10,681 1.3 17,447 893 5.1
2000 973 22.0 10,533 1.1 38,078 650 1.2
2005 1,211 22.0 20,032 1.7 40,263 1,084 2.7
2006 1,277 24.9 18,812 1.5 47,410 2,756 5.8
2007 1,369 29.7 23,678 1.7 50,276 3,299 6.6
2008 1,432 33.2 23,817 1.7 48,202* 2,482* 5.2*Source:NSCB and Bangko Sentral ng Pilipinas (BSP); * Preliminary
Excise tax and royalties derived from miningYear Excise Tax Royalties Total
(US$m) (PP m) (US$m) (PP m) (US$m) (PP m)
1990 30.0 730.0 0.67 16.2 30.7 746.3
1995 6.8 174.5 0.64 16.5 7.4 191.0
2000 5.6 243.3 781.5 34.5 6.3 277.9
2005 4.6 251.3 2.6 145.1 7.2 396.52006 9.5 489.6 2.2 112.7 11.7 602.3
2007 23.8 1.1 12.6 579.9 36.4 1,679.9
2008 14.8 660.3 9.3 414.8 24.2 1,075.1Source:BIR and MGB/DENR
Geologically prospective areas
for metallic minerals30%
2%57%
11%
Land area covered by approved
mining tenements
Other land areas in the Philippines
Protected areas
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September 2009Mining Journal special publication Philippines
COUNTRY OVERVIEW
4
DESPITE the reeling effects of the global
financial crisis, the Philippine economy
posted a 3.8% growth in GDP for
2008, albeit lower than the previous
years 7.1% record.
Latest data for the Philippine economy shows that
the country is holding its head above water, with real
GDP growth remaining positive (0.4% in the quarter
to end-March). Despite its small growth, the
Philippines is one of only four countries in Asia able to
post positive GDP growth in the first quarter of this
year. The others are Indonesia, Vietnam and China.
With exports accounting for only one-third ofGDP, Standard Chartered Bank recently predicted
that, taken overall, the Philippines would be better
insulated from the collapse of external demand
compared with other Asian economies.
The Philippine government remains optimistic that
the economy will be better placed to weather
recession in 2009, with GDP growth at 0.8-1.8%.
Exports are expected to fall but the remittances of
overseas workers will be about the same, or better,
than for last year at US$17.0 billion.
MINERAL INDUSTRYThe country has seen an upsurge in foreign mininginvestment since 2005, when the Supreme Court
Economy stays buoyantdespite downturn
BoI approval
The Board of Investments (BoI) has approved the
governments 2009 Investment Priorities Plan (IPP).
This incorporates mining initiatives, and adds to the
plans to provide incentives to firms that would
generate or save jobs in spite of the global
economic slowdown.
More efficient excise tax remittancesAn important, and much-awaited, government
approval is the direct payment of the share of excise
taxes to the local government units. After many years
of lobbying by the Chamber of Mines (CoM), the
different government agencies (represented in the
Mineral Development Council; MDC), primarily the
Departments of Environment and Natural Resources
(DENR), Budget and Management (DBM) and Interior
and Local Government (DILG), were able to finalise
the rules (which will be implemented in 2010). The
excise tax of metal revenues for 2009 will be paid to
the different local government units (LGU) in March
2010. This new schedule of three months contrasts
with the present two to three years.
Accelerating permit approvals
To facilitate investments in the mining
industry, the old issue of the lengthy
approval of permits had to be resolved. In
July 2009, the DENR put in place a process
of streamlining the permitting process to make it
faster and more transparent.
According to DENR Secretary Joselito Atienza,
the permits for mining will be carried out in a
period of seven weeks from the current minimum
of 17 weeks. The environment compliance certificate
(ECC) will be decided within three weeks from
filing, compared with the current one year. Whilethese efforts are being promoted during the latter
part of the Secretarys tenure, it is still a welcome
move for the industry.
In 2005, the government officially changed its
tance of mere tolerance to active promotion of the
mining industry. The frequent changes of Secretaries,
however, have hampered the implementation of
effective long-term policies of the DENR.
Cancellation of dormant mining claims
The Department of Environment and Natural
Resources has given instructions to the Mines andGeosciences Bureau (MGB) to review mining
applications/permits that have not been active for
five to ten years.
This situation, according to the DENR, has a
negative effect on investors, hence the necessity of
the review. Dormant mining claims and tenements
will be cancelled and restored to government
ownership. To implement this policy, a three-stage
notification process will be adopted.
Cancellation of mining applications
The CoM has expressed its grave concern over a
DENR memoranda (dated March and May 2009) to
the regional directors of the MGB directingit to deny all mining applications that have
been rejected by indigenous peoples (IP). In
letter to the Secretary, the Chamber
expressed concern about procedural
mbiguities created by the memoranda that
may undermine its efforts at promoting
investments and competitiveness in the industry.
The CoM requested that there should be clear
guidelines on the procedures in obtaining Certifica-
tion Precondition (CP) or Free and Prior Informed
Consent (FPIC). It should also address the issue of
when the non-grant of a CP or FPIC becomes final
(ie no longer negotiable with IP). It should also
include the possibility of compromise or of an appealby the EP or mineral agreement applicant. The
Secretary agreed to the drafting of procedures to
address such concerns.
Government policies affecting the mining industry
upheld the constitutionality of the Financial or
Technical Assistance Agreement (FTAA) and the
Mining Act of 1995. The law allows 100% foreign
ownership in Philippine mining companies.
Over 30 foreign companies have investments in thePhilippine mining sector. These include the worlds
largest mining company, BHP Billiton, Brazils Vale and
Anglo American. Some 24 flagship projects are
projected to be operational before 2016, and the
Mines and Geosciences Bureau reported at least 50
exploration projects that have good potential for
development.
Mining in 2008 contributed 1.5% of GDP. The
national target is to attain the 6.6% of GDP by 2011
(which would fix the Philippines firmly as a mining
country. While it is still attainable, the target is likely
to be delayed by at least three years due to the
reduction in mining investments, and to delays in
implementation of the larger projects.The government has scaled down its mining
investment target for this year to about
US$800 million, down from the original US$1 billion
but still above last years US$650 million inflow.
INFLUX OF FILIPINO INVESTORSDuring the past two years, numerous large Filipino
corporations (or Filipino-based subsidiaries) have
been drawn to the domestic mining sector. These
organisations include First Pacific Co, San Miguel,
Macroasia and APC. They were attracted to mining
due to the governments support in developing the
mining sector and the great potential of the various
local metal deposits.First Pacific invested in Philex Mining Corp and
acquired an initial 22% equity. It is currently carrying
out a due-diligence study on Lepantos Far Southeast
copper-gold project. San Miguel is in talks with various
mining groups and is open to an array of opportuni-
ties. Macroasia is developing its nickel deposit in
Palawan for direct shipping ore and is considering the
construction of a processing plant. APC has coal
projects in Isabela and Masbate , and nickel and gold
prospects in Mindanao.
These companies can readily finance the
development of medium-sized projects. They are
likewise familiar in dealing with groups opposing
mining such as the Catholic Church, environmentalistsand New Peoples Army (NPA). Being local companies
they are more knowledgeable about local cultural
ensitivities, and are more acceptable to the local
communities.
By Artemio F. Disini,Chairman
Drill technicians load core into trays for geological assessment
at the Tampakan copper-gold mine project in the southern
Philippines, in mid-2008Photo: Indophil Resources via Bloomberg News
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September 2009Mining Journal special publication Philippines
COUNTRY OVERVIEW
6
GOLD SECTORThe production of gold fell by 8% from 38.8t in 2007
to 35.6t in 2008. The decline was due to a decrease in
the gold produced by large-scale mining companies,
whose output represented about a fifth of the
countrys total production.
Bangko Sentral Ng Pilipinas (Philippine Central
Bank) reported that it had purchased 28.2t (about
80% of the countrys total production) from small-
cale miners.
The countrys gold production is projected to
increase to 70t/y when the large copper-gold projects
become operational in about four years.
Two Australian companies, CGA Mining and
Medusa Mining Ltd, are new performers in the gold
ec or.
CGA Mining (formerly called Central Asia Gold
Ltd) started commissioning its gold project during
the first quarter of 2009. The project is the former
Masbate gold mine that was operated for 14 years
by Atlas Consolidated Mining Co until it shut in
1994.
The project has indicated resources containing3.3Moz and inferred resources of 1.77Moz, including
a probable mining reserve of 1.98Moz of gold (at a
cut-off of 0.7g/t). The projected annual production
of 200,000oz is scheduled to be reached next year.
Medusa Mining advised that it has completed a
JORC-compliant ore reserve estimation for the
Co-O mine in eastern Mindanao. It has an indicated
and inferred resource totalling 1.38Moz. The
probable reserve was estimated from an indicated
resource of 1.25Mt at 15.0g/t gold, containing
03,000oz. This was the result of over 40,000m of
drilling and over 6,000m of underground development
completed in 2008. The Co-O gold veins are narrow
but have the highest grade among the countrys
operating gold mines.
For its Runruno gold project, London-based Metal
Exploration reported that it has defined a JORC-
compliant inferred and indicated mineral resource of
2.0Moz gold and 34.4Mlb molybdenum, contained
within 31.17Mt of ore at average grades of 2.00g/t
gold and 0.05% molybdenum.
Runruno lies 320km north of Manila in the mineral
rich province of Nueva Viscaya. The results of its
recently-completed scoping/pre-feasibility study
indicate its economic viability. It will have an annual
production of 183,000oz gold and 1.7Mlb molybde-
num. The capital cost is about US$208 million and the
operation will have an average cash operating cost of
US$285/oz after credits for molybdenum.
The bankable feasibility study (BFS) on the Runruno
project was launched last February,and is expected to
take a year to complete. The BFS is expected to cost
US$15 million. DENR has endorsed the companys
FTAA application in respect of Runruno.
COPPERThe country produced about as much copper last
year as it did in 2007, at 22,565t. The Rapu Rapu
polymetallic and Atlas Toledo copper mines became
operational during the year. TVI completed its
commissioning and began production during the
first quarter of 2009.
Due to the problems brought about by the
economic crisis, the planned development of a mineby Oceana Gold has been deferred, and the project
has been placed under care and maintenance.
Switzerland-based Xstrata has announced the
preliminary results of a two-year extended
pre-feasibility study for its Tampakan copper and
gold mine in Mindanao. The study was completed in
April 2009 for Sagittarius Mines Inc (SMI), and
confirmed a 2,200Mt mineral resource base initially
DiwalwalProject(10.2 MMt, 8.10 g/tAu)
Masara Mine(0.5 MMt, 9 g/tAu)
NDMC Prospects
Boringot Prospect
Siana Mine(7.7 MMt, 3.3 g/t Au)
Acupan Mine(10.61 MMt, 2.46 g/t
Au)
Victoria Mine(10 MMt, 6.94 g/t Au)
Panaonprospect
SibutadMine
Gold mineralisation is
mostly found in the
central Cordilleras,
and most of the
areas in Mindanao
Bringing innovative, low-cost
nickel heap leaching technologyto the Philippines
The Acoje join venture between Rusina and European
Nicke n Zam ales is tr aling innovat ve heap leac ng
technology for nickel later tes.
Developed by Euro ean ickel as a low cost and
env ronmentally-f iend y al ernative to high-pressure acid
leaching, the heap leach ria s te wi l com ence i rigation
of t e leach pads in third q a ter 2009. The p ant willproduce a mixed ydroxide nickel p oduct.
A bankable easibil ty study, exa ning a ful scale
commercia plant produc ng around 25,000 tpa nickel, is
expected to be com le ed in 20 0. The project capital cost
is c rently estima ed to be in the a ge of S 500 mi lion,
w th an o erat ng cost forecast o around US 3.10/lb
of nickel.
www.enic l.c . k www. si a.co .a
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Mining Journal special publication PhilippinesSeptember 2009 7
COUNTRY OVERVIEW
containing about 1,400Mt of mill feed. It has a
proposed stage-one open-pit mining and milling rate
of 44Mt/y, leading to a stage-two rate of 66Mt/y after
three years.
Tampakan will have a life-of-mine average
production of 325,000t/y of copper for 20 years, with
output expected to peak at more than 400,000t/y of
copper and 310,000oz/y of gold.
The mill recovery rates will be 83-90% for copper
and 60-80% for gold, with a copper concentrate grade
of 37-40% copper. The mine also has an operating cost
base of less than US$0.60/lb of copper after gold
credits. It has an initial stage-one capital expenditure
of about US$5.2 billion. The schedule for start-up of
commissioning and production is early 2016.
Following the completion of the extended pre-
feasibility study, a US$74 million feasibility study was
approved by the shareholders, which will entail a
detailed engineering study. This study will determine
whether the project will advance to development
tage. SMI engaged the services of Bechtel, a global
leader in engineering and construct ion, as the lead
engineer for the Tampakan feasibility study.The study will be submitted to the government by
the second quarter of 2010. The decision to develop a
major mine at Tampakan will depend on the outcomes
of the feasibility study, which will examine the projects
economic, social and environmental viability.
Philex Mining Co has bought the 50% stake of
Anglo American in the Boyongan copper-gold project
in Surigao del Norte for US$55 million. Philex
disagreed earlier with the results of Anglo Americans
pre-feasibility study on the project.
This study concluded that a mining operationbased on the currently-defined resources, proposed
mining and processing methods, assumed long-term
copper and gold prices and estimated capital and
operating costs, could not provide an acceptable rate
on return on the project investment. The projected
capital cost was US$750 million.
Philex disputed the assumptions, and conclusions,
made by Anglo American, and negotiated to acquire
the project. Philex is now carrying out more extensive
exploration work in the sulphide zones of the Bayugo
deposit, located north of the Boyongan orebody. Theulphide zones are easier to mine by block caving and
a mooted single-stage flotation gives better metal
recoveries. Philex plans to undertake a bankable
feasibility study by 2010. The Boyongan project is
expected to be operational before 2014, when the
reserves of Philexs Padcal mine would have been
mined out.
Hong Kong conglomerate First Pacific Co (FPCL)
BARLO VMS
Deposit
SAN MARIANO
VMS Prospect
SULAT VMS
Prospect
Ultramafic rocks
and ophiolitic
belts
Bully BuenoProspect
Batong Buhay Mine(69 MMt, 0.59% Cu, 0.31 g/t
Au)
Lepanto Enargite Mine
____________
Far Southeast deposit(650 MMt, 0.65% Cu, 1.3 g/t
Au)
Sto. Tomas II Mine(449 MMt, 0.375% Cu, 0.7 g/t
Au)Dizon Mine
(187 MMt, 0.36% Cu, 0.93 g/t
Au)
Amacan Mine(116 MMt, 0.37% Cu,
0.36 g/t Au)
Kingking deposit(400 MMt, 0.35% Cu,
0.6 g/t Au)
Boyungan deposit(300 MMt, 0.6% Cu, 1.0 g/t
Au)
Tampakan deposit(>1000 MMt, 0.7% Cu, 0.3 g/tAu)
Copper mineralisation is
likewise indicated mostly
in the Cordilleras, and
most of the areas in
Mindanao
Consistently delivering valueSince establishment in 1992, Lycopodium hasfocussed on the delivry of high-quality cost-
effective engineering and project management
ser ices across a broad range of mineral
commodities regardless of project scale or location
To ser ice the Philippines area, we offer
Manila-based engineering and drafting
eams
Extensive feasibility study and projectdevelopment experience
Recent project development with Masbate
and Rapu Rapu
Current study involvement with Runruno
Contact: Brad Hannam or St v Zaninovich
T: +61 8 6210 5222
E: minerals@ly opodium.com.au
W: ww .ly opodium.com.au
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COUNTRY OVERVIEW
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Mining Journal special publication PhilippinesSeptember 2009 9
COUNTRY OVERVIEW
acquired a 20.06% stake in Philex Mining for
US$135 million in November 2008. It has since
increased its stake to 22.0%.
The Far Southeast project of Lepanto Consolidated
Mining Co is a large, deep-seated copper-gold
porphyry deposit, located below the enargite mine. In
November 2007, Lepanto Consolidated signed a
joint-venture agreement with Chinas Zijin Mining
Group for development of the project. The latest
information, however, stated that Zijin Mining has
pulled out from the project.
In May 2009, FPCL signed a Memorandum of
Agreement with Lepanto to undertake due diligence
on the Far Southeast project, with an exclusivity
clause of three months. The due-diligence study is
continuing, with the objective of FPCL acquiring a
majority interest in the project.
Concurrent to this study by FPCL is its due
diligence on Manila Mining Corp with a similar aim to
acquire majority interest of its mining projects. Manilas
Kalayaan project lies at the northern extension of the
Bayugo orebody, which is being explored in the Philex
claims. Drilling undertaken by Anglo American atKalayaan in 2008 confirmed these extensions.
NICKELHigh international inventories of nickel, along with
harply reduced demand, resulted in a sharp fall in the
nickel price last year. Direct shipping ore (DSO)
exports from the Philippines to China fell 23% to
5.67Mt in 2008. However, the market opened up
gradually in early 2009 when China started purchasing
low-grade nickel ore (1% Ni) with high iron
content (over 45% Fe). However, the price of
this DSO was only about US$10/t, and only a
few local mining companies (in Mindanao, which
has a short hauling distance to the loadingports) are able to operate at this price level.
Coral Bay Nickel successfully completed its
expansion in the first quarter of 2009 with the
doubling of its present capacity of 10,000t/y in
the high-pressure acid leach (HPAL) plant to
20,000t. The capital cost of the expansion was
about US$295 million and the work was
achieved within budget. The nickel and cobalt
metal recoveries have likewise been achieved at
over 90%.
Nickel Asia will be announcing before the
end of 2009 its decision to proceed with the
construction of a 30,000t/y HPAL plant in
Surigao del Norte. The project cost has been reduced
to US$1.1 billion from the original US$2.0 billion.
Sumitomo, Mitsui and Sojitz are the Japanese partners
of the Zamora Group that will construct the new
HPAL plant.
European Nickel plc has reported that test work at
its Acoje joint venture with Rusina Mining NL in
Zambales continues to have high recoveries and
leaches rapidly in the column tests compared with
many other deposits. The nickel recoveries are in the
5-80% range. The company announced that
construction of the heap-leach trial site is progressing
well, while construction of the heap-leach pad and
ancillary facilities has been completed. The heap will
be stacked to a height of about 3m and irrigation was
due to start in October 2009. The project capital cost
is about US$450 million, with an operating cost of
about US$4/lb. A bankable feasibility study will be
completed by mid-2010.
Intexs plans aim at completing a definitive feasibility
tudy and environmental permitting by year-end, and
to start on engineering details in 2010, and a stage-one
HPAL processing plant in 2013. The mine is in Mindoro.Pre-feasibility study estimates by Aker Solutions in
June 2008 suggest operating costs of US$2.7/lb Ni for
tage one and about US$2.0/lb Ni when stage two is
included. The capital costs are US$2.2 billion and
US$0.9 billion for stages one and two, respectively. The
annual capacity was estimated to increase by 25% to
50,000t nickel metal, without a significant rise in capital
expenditure. BHP Billiton and its Filipino partner
Asiaticus Management Corp (Amcor) have decided to
withdraw legal cases against each other over the
Pujada nickel project in Mindanao, according to the
DENR. The latters Secretary said BHP Billiton is not
withdrawing its investments in the country as it
agreed with Amcor to start from a clean slate.
Eramen Nickel has recently completed its mineral
resource calculation and has an indicated resource of
108Mt with a grade of 1.21% Ni. The project, in
Zambales, lies adjacent to the Acoje mine.
Eramen is currently studying the several options
to operate the project with a processing plant.
AIM-listed Toledo recently reported resultsfor the year to March 2009. It reported record
production at its Berong nickel mine through
October 2008. Shipments for the same period,
to customers in Australia and China, were also
higher than the comparable 2007 period.
Subject to securing sufficient profitable sales
contracts, the Berong mine can restart
production at short notice. Longer term, Toledo
aims to be major value-added nickel producer
and is progressing its talks with European
Nickel and Jiangxi Rare Earth and Rare Metals
Tungsten Group about a possible heap-leach
and processing operation at Berong.
GLOBAL PROSPECT(23 MMt, 1.75% Ni)
GUIAN
DEPOSIT
COTO PROSPECT(24 MMt, 1.68% Ni)
DINAGAT
DEPOSIT
HINATUAN &
TAGANITO MINES
PALAWAN HPP
PROJECT(11.5 MMt, 2.3% Ni)
TMM Ni Project
PUJADA
DEPOSIT(>500 MMt, 1% Ni)
ISABELA
PROSPECT
ROMBLON
PROSPECT
TAWI-TAWI
PROSPECT
MT. KADIG
DEPOSIT
Nickel and
nickel laterites
are scattered in
Luzon, Visayas and
Mindanao
Annual mineral production
2006 2007 2008Gold (kg) 36,100 38,800 35,600
Silver (kg) 23,500 27,800 12,700
Copper 17,200 22,900 21,200
Nickel ore (Mt) 3.58 6.20 7.38
Nickel mixed sulphides (Mt) 8,200 10,100 10,600
Chromite ore (metallurgical grade) 25,000 16,600 13,500
Chromite ore (Chemical) 16,800 11,700 1,700
Chromite ore (refractory grade) 4,700 3,400
Coal (Mt) 2.597 3.830 3.950
Oil (bbl) 181,000 184,000 964,800
Condensate (000 bbl) 5,123 5,753 5,606
Gas (billion ft3) 108,600 130,200 137,000
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September 2009Mining Journal special publication Philippines
RECENT DEVELOPMENTS
10
T
HE opportunities for development in
the Philippines are vast, and the
prospective entry of San Miguel Corp,
as well as that of First Pacific, indicates
that the relatively untapped sector
holds a lot of promise. With a reported 7,100Mt of
metallic minerals and 51,000Mt of non-metallic
minerals waiting to be unearthed, downstream
processing and manufacturing remains an area of
immense potential.
There has been record growth since 2005, with
good performance in investments, production, tax
revenues and exports. There has been an increase in
mining company listings in the local bourse from less
than four in 2004 to the current 15. The Philippine
mining industrys growth in 2008 was subdued, largely
owing to the decline in metal prices (especially nickel).
The operations of Atlas Consolidated Mining and
Development Corp (which has increased its
production capacity recently), as well as the Masbateoperation, somewhat cushioned the decline in nickel
production.
The value of total Philippine production was
estimated at PP92.3 billion, reflecting the decrease in
metal prices and a contraction of about 8.9% over the
recorded total of PP101.0 billion in 2007. Total mineral
exports in 2008, on the other hand, were estimated at
US$2.5 billion, accounting for 5.2% of the countrys
total exports of US$48.2 billion.
Excise tax revenue from the mining sector reached
PP1.1 billion in 2007, an increase of 125% from the
2006 figure of PP489.6 million. The figures for 2008
was only PP660 owing to the low commodity prices.
Investment inflow from US$840 million in 2006went up to US$1.4 billion in 2007 but settled back to
under US$1 billion last year. However, MGB/DENR
predicts that mining will be a US$13 billion industry
by 2013.
Some projects that were initially targeted to start
in 2008 were reassessed, rescheduled and are now
being repackaged to pare down capital expenditure.
These include Sumitomos Taganito nickel plant, Global
Steels expansion and Rusinas US$498 million HPAL
project in Zambales.
Demand for mineral commodities is still strong and
ince the US is now significantly less important in
world commodity demand than it was five years ago,
the repercussions of its downturn will not be feltheavily in the mining sector, which has already
diversified its markets.
FAVOURABLE SHIFTThere has been a structural shift in recent years that
has favoured a rapid growth in those developing
countries that have a large population (such as China
and India, whose growth in 2008 can still be
considered high). This trend is expected to continue
as their population strives for material possessions.
Growth in these economies and the rest of Asia will
be resource-intensive due to industrialisation and
urbanisation.Moreover, there have been positive indications
recently that financial institutions and banks are more
liquid, and the industry only needs to be innovative in
accessing them through private equity, sovereign
funds, retail investors, listing by way of introduction,
dual listing and payment in kind.
With the current operating investment environ-
ment, the Philippine government is expected to play a
role in mitigating sovereign and political risk through
cover and participation through sovereign guarantee
to move the mining industry forward. This can be
implemented through PhilExim, which provides
guarantees on local and foreign loans to exporters to
finance developmental projects and industriesencouraged by government policy.
Non-financial issues also need to be considered to
reduce risk and gain investor trust and confidence.
These include the implementation of the Philippine
Mineral Reporting Code (patterned after Australias
JORC), more liberalised market-listing rules, and
implementation and monitoring of corporate social
responsibility (CSR). Local government units will now
be given their share of the excise tax directly after the
end of the first quarter of every year. Othercorporate governance mechanisms are expected to
gain leverage on mining projects.
As partners in mineral resource development, the
government accepts that it needs to play a role in risk
participation, and to provide sovereign credit
guarantees. These measures will enhance the
investment environment and ensure the industrys
growth. The government should also engage sectors
that still have reservations about the revitalisation of
the mining industry.
OUTLOOKBeing immersed in volatile market conditions typical
of internationally traded commodities, the Philippinemining industry is expected to be over the hump
within the year as financial stimulus and economic
rescue packages take effect. Philippine economic
fundamentals remain strong and this would definitely
Untapped sector holds much promise
Akle Cement Project
28 Mining Development Projects
Tampakan Copper Project
Far Southeast Copper ProjectBoyongan Copper Project
Carmen Copper ProjectBatong Buhay Copper Project
San Antonio Copper Project
Amacan Copper Project
Rapu-Rapu PolymetallicDidipio Cu-Au Project
Kingking Cu-Au Project
Padcal Expansion Project
Itogon Gold Project
Masbate Gold ProjectTeresa Gold Project
Diwalwal Gold Project
Siana Gold ProjectCanatuan Au-Cu Project
Masara Gold Project -Apex
Mindoro Nickel Project
CTP Nickel Project
Palawan HPAL Project
Nonoc Nickel ProjectSurigao-Sumitomo HPAL
Iligan Ferro-Nickel
ACT Nickel Project
Pujada Nickel Project
Berong Nickel Project
Acoje PGE Nickel Proj.Manticao Ferro Nickel
The Philippine miningindustry is expected toe over the hump withint e year as inancia
timulus and economic
rescue packages takeeffect. Philippine
economic un amentalsremain strong
A drill rig in the
North Block of
Rusinas Ajoce
chromite project.
usina is paring
own its
project in Zambales
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Partners
Avelino J. Cruz, Jr. F. Arthur L. Villaraza
Simeon V. Marcelo Raoul R. Angangco
Sylvette Y. Tankiang Elma Christine R. Leogardo
Bienvenido I. Somera, Jr. Alejandro Alfonso E. Navarro
Joe Nathan P. Tenefrancia Augusto A. San Pedro, Jr.
Manuel L. Manaligod, Jr. Susan D. Villanueva
Patricia A. O. Bunye Rodel A. Cruz
Aida Araceli G. RoxasRivera Thea T. Daep
John Jerico L. Balisnomo Miguel U. Silos
Elmar B. Galacio Rosa Michele C. BagtasDivina Gracia E. Pedron Franchette M. Acosta
Senior Associates
Ma. Joycelyn L. Guirnalda Victor E. M. Pangilinan
Pancho G. Umali Aldrich Fitz U. Dy
Associates
Rene Raphael A. Guina Katrina V. Doble
Kristoffer James E. Purisima Rogelio D. Torres, Jr.Leslie Monica G. Raymundo Charisse Jen S. Choa
Mark Hadrian P. Gamo Joseph Anthony P. Lopez
Jean Jacquelyn A. De Castro Tara Ann I. Vea
Rowanie A. Nakan Khristine C. Dy
Jaclyn B. Gonzales Ruth Nichole R. Ureta
Raymond G. Pasiliao Wenceslao B. Fernandez
Leonardo A. Singson Heather Ezra C. Annang
Ma. Sophia E. CruzAbrenica Charmian Wyanet S. Zaragoza
Candy T. Avance Jonathan T. Pampolina
Charles Edward M. Cheng Reezann Keith E. RamosFritzzie Lyn F. Espaol Ramon Manolo A. Alcasabas
Juanito L. Saosa, Jr. Davidson Rich L. Sih
Ma. Francesca Q. Baltazar Jacques S. Lynn
Julius Gregory B. Delgado Oliver P. Baclay, Jr.
Kristin Charisse C. Siao Regidor A. Ponferrada
Stella Angela G. Pastores Maria Karen S. Olidan
Maria Cecilia G. Natividad Abigail V. Go
Michael Angelo O. Lopez Esther Rose N. Rances
Christianne Grace F. Salonga Robert Leo C. Ty
Mark Francis P. Abaya
118 Perea Street, Legaspi Village, 1229 Makati City, Philippines I P.O. BOX 3559 Makati Central
Tel.: (632) 8189838; 8189880; 8189550 I Fax: (632) 8167057; 8171324; 8944729
[email protected] I www.cvclaw.com
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September 2009Mining Journal special publication Philippines
RECENT DEVELOPMENTS
12
THE Minerals Development Council
(MDC) was created by President
Gloria Macapagal-Arroyo on October11, 2005 when Executive Order No.
469 was issued to advance the
government policy of responsible and sustainable
development of the countrys mineral resources.
As envisaged, it is empowered to enlist the
assistance of any agency or instrumentality of the
government, including government-owned or
controlled corporations, to harmonise requirements
and procedures that would facilitate the inflows of
investments into the mining industry.
Since its inception, the MDC has evolved from
being an interagency council that seeks to resolve the
problems of the industry through policy reforms and
investment promotions, into a more active andconsultative body that addresses the policy and
operational problems of the industry at the national
and, recently, at the regional levels through the
creation of the Regional Minerals Development
Councils (RMDCs).
The appointment of Secretary Jose L. Atienza, Jr. to
the DENR came at a crucial time in the development
of the Philippine mining industry. Before the creation
of the MDC, the major bottleneck that hampered the
resurgence of the industry was the conflicting and
tedious requirements among the concerned
government agencies in the grant of mining
tenements. In recent years, however, the challenge for
the mining industry is securing the social licence tooperate from local government units (LGUs), host
communities, civil society groups and the religious
ector. Mr Atienzas experience as a former local chief
executive, political and human-rights activist, and
pro-life advocate benefited the Council by attracting
new dialogue partners in the governments advocacy
for responsible mining.The MDCs active engagement with local
government partners culminated in the inclusion of
the LGU Leagues (eg League of Provinces, League of
Municipalities, League of Cities and the Liga ng mga
Barangay) as regular Council Members.
Also, through its various activities, the MDC stood
firm in balancing the interests of various stakeholder
groups with the rule of law and the pursuit of national
development goals. The Council addressed legitimate
issues against some mining projects while carefully
laying down the law when conflicts arise due to the
different interpretation or implementation of the
ame law(s). The Council also tried to listen to
dissenting voices opposed to mining by stressing thatthe governments programme is not for mining at all
cost but only for responsible mining and that the
economic, environmental, and social safeguards are in
place to prevent or minimise the impacts of the
exploration, development, and utilisation of the
countrys mineral wealth.
The MDC was equally challenged in Year 2008 by
the escalation of armed attacks against some
exploration and mining projects. The Council took an
active stand by emphasising that the State owns
mineral resources and that the mining companies are
merely government contractors. It is also obligated to
protect and defend the national interest.
The MDC accomplishments were a collaborationof efforts of all the members of the council that
includes individual members: the Department of
Environment and Natural Resources, particularly the
Mines and Geosciences Bureau (MGB), the
Presidential Adviser for Multilateral Development
represented by Her Excellency, Ambassador Delia D
Albert, Department of the Interior and Local
Government (DILG), Department of Finance (DOF),National Economic and Development Authority
(NEDA), Department of Trade and Industry (DTI),
Department of Agrarian Reform (DAR), Department
of Agriculture (DA), Department of National Defense
(DND), Department of Labor and Employment
(DOLE), Presidential Management Staff (PMS),
National Commission on Indigenous Peoples (NCIP),
National Anti-Poverty Commission (NAPC), Philippine
Information Agency (PIA), Chamber of Mines of the
Philippines (COMP), League of Municipalities of the
Philippines (LMP), League ofProvinces of the
Philippines (LPP), League of Cities of the Philippines
(LCP), and the Liga ng mga Barangay sa Pilipinas (LnB).
The accomplishments which were translated inconcrete terms are testament to the collective vision
and action of the Council Members who believe that
responsible mining can effectively contribute to the
ustainable development of the country.
help keep the economy and the industry afloat.
Judging from the interest shown by mining
companies in accessing funds to finance pipeline and
mature projects and those in the final feasibility
tages, chances are strong that the various projects
in the pipeline will push through after project
reassessments. A surge in investments and
production may be expected towards the end of
2010.
With projects being rescheduled and the likely
continuation of supply s ide difficulties, most
commodity prices are expected to remain well
above their long run levels over the short and
medium term.
Rescheduled projects are therefore expected to
be implemented within 2010 to take advantage of
price improvements. The availability of funding is
crucial in ensuring the continuation of bullish
entiments and perspective in the industry.
On the part of government, it has made
commitment to do its best in resolving administrative
issues, and is determined to provide the necessary
upport to revitalise the industry, particularly in
Mindanao, where mineral resources abound.The government is also bent on transparency, and
is working to enlist in the Extractive Industry
Transparency Initiative (EITI), and also in streamlin-
ing operations to prevent corruption. Much remains
to be seen but a lot of indicators point to a more
tabilised metals market within the next few years.
Ampucao Proj.(Benguet)Paco Proj.(Surigao Norte)
Tabuk Proj. (Kalinga)Gambang Proj.(Benguet)
Sogod Proj. (S. Leyte)Tagpura Proj. (Compostela)
Hixbar Proj. (Rapu-Rapu Is)Manat Proj. (Compostela)
Colet Proj.(Negros Occ.)Claveria Proj.(Cagayan)
Papaya Proj.(N. Vizcaya)Conner Proj. (Apayao)
Kingking Proj. (Davao Or.)Panag Proj. (Compostela)
Del Gallego Proj. (Quezon)Negros Proj. (Negros Or.)
Alicia Proj. (Zamboanga Sur)Kalaya-an Proj. (Surigao N.)Pana-on Proj. (Leyte)
Tongonan Proj. (Leyte)Surigao Proj. (Surigao N.)
Pao Proj. (Nueva Vizcaya)Road 5 M Proj. (Davao Or.)Camp 3 Proj. (Benguet)
Pantuyan Proj. (Leyte)Batoto Proj.(Compostela)
Mabuhay Proj. (Surigao Norte)Kematu Proj. (South Cotabato)
Archangel Proj. (Batangas)Hinonangan Proj. (S. Leyte)Labo Proj. (Camarines Norte)
Nalesbitan Proj.(Camarines Norte)Cordon Proj. (Isabela)
Pantingan Proj. (Bataan)Agata Proj. (Agusan del Norte)TMC Proj. (Antique-Iloilo)
Acoje Proj. (Zambales)Sta. Cruz Proj. (Zambales)
Berong Proj. (Palawan)
Samar Bauxite Project, (Samar)
Pamplona, Negros Oriental
MDC enters its fifth year Minerals Development CouncilOffice of the Executive Director:
/F DENR Building, Visayas Ave., Diliman,
Quezon City, Philippines 1101Tel: (+632) 9262628
Fax: (+632) 9264708
MDC Secretariat:
2/F Petrolab Building, Mines and Geosciences
Bureau, North Avenue, Diliman Quezon City
Telefax: (632) 9209123
E-mail: [email protected]
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Mining Journal special publication PhilippinesSeptember 2009
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September 2009Mining Journal special publication Philippines
CONTACTS
14
DC directoryDepartment of Environment andNatural Resources (DENR)DENR Building, Visayas Avenue,Diliman, Quezon City NCR 1100Tel: +63 (2) 928 0691 or 925 2329
Fax: +63 (2) 929 6628, 920 4301www.denr.gov.ph
Presidential Adviser forMultilateral Development(PAMD)Embassy of the Republic of the PhilippinesUhlandstr. 97, D-10715 Berlin, GermanyTel: (030) 864 9500 Fax: (030) 873-2251
Department of the Interior andLocal Government (DILG)A. Francisco Gold Condominium II,EDSA cor. Mapagmahal StreetBrgy. Piahan, Diliman, Quezon CityTel: +63 (2) 925-2333Fax +63 (2) 925-3843www.dilg.gov.ph
Department of Finance (DOF)DOF Building, BSP Complex,Roxas Boulevard,cor. P. Ocampo Street,Pasay City NCR 1004Tel: + 63 (2) 523 5727, 525 1321,524 1633Fax: +63 (2) 523 5143www.dof.gov.ph
National Economic andDevelopment Authority (NEDA)NEDA Building, 12 Saint Jose MariaEscriva Drive,Ortigas Center, Pasig City NCR 1605
Telefax: + 63 (2) 631 3734, 631 3739www.neda.gov.ph
Department of Trade andIndustry (DTI)Industry & Investments Building385 Senator Gil J. Puyat Ave.,Makati City NCR 1200Tel: +63 (2) 890-9332, 897-6682Fax: + 63 (2) 895-3512www.dti.gov.ph
Department of AgrarianReform (DAR)DAR Building, Elliptical RoadDiliman, Quezon City NCR 1100Tel Nos.+63 (2) 929-4101,928-7031 loc. 406Fax: + 63 (2) 922-8975www.dar.gov.ph
Department of Agriculture (DA)DA Building, Elliptical Road,Diliman, Quezon City NCR 1104Tel: +63 (2) 920-2223Fax + 63 (2) 929-8183www.da.gov.ph
Department of National Defense(DND)DND Building, Camp AguinaldoEDSA, Quezon City NCR 1110Tel. Nos. + 63 (2) 911-6268,
911-6460, 911-4438Fax + 63 (2) 911-4360www.dnd.gov.ph
Presidential Managementtaff (PMS)
PMS Building, Arlegui St., San Miguel,Malacaang Compound, ManilaTel Nos. + 63 (2) 734-2206, 734-3971-75Fax: + 63 (2) 734-2201www.pms.gov.ph
National Commission onIndigenous Peoples (NCIP)2/F N. dela Merced Bldg. (DELTA)cor. West Ave., Quezon CityTel: +63 (2) 373 9787Fax +63 (2) 373 9765www.ncip.gov.ph
National Anti-PovertyCommission (NAPC)3/F, Agricultural Training Institute BuildingElliptical Road, Diliman, Quezon CityTel: + 63 (2) 426 5028Fax + 63 (2) 426 5249www.napc.gov.ph
Philippine Information Agency(PIA)Philippine Information Agency BuildingVisayas Avenue, Diliman, Quezon CityTel: +63 (2) 921 7941, 920 4386, 920 1224
Fax: +63 (2) 928 6917www.pia.gov.ph
Department of Labor andEmploymentDOLE Building, Intramuros Manila NCR1002Tel: +63 (2) 527-3000 loc.712Fax: +63 (2) 527-3462www.dole.gov.ph
Chamber of Mines of thePhilippines (CoMP)Rm. 809, Ortigas Bldg.,Ortigas Ave., Pasig CityTel: +63 (2) 635 4123 24Fax: +63 (2) 635 4160
www.chamberofmines.com.ph
League of Municipalities of thePhilippines (LMP)2nd Floor LMP Bldg., 265 Ermin Garcia St,Cubao, Quezon CityTel: +63 (2) 913 5737, 913 5738
Fax: +63 (2) 440 7280 / 4407306www.lmp.org.ph
League of Provinces of thePhilippines (LPP)1510 West Tower, PSE Bldg.Exchange Road, Ortigas Centre, Pasig CityTel: +63 (2) 687 5399, 631 0170, 631 0197Fax + 63 (2) 687-4048www.lpp.gov.ph
League of Cities of thePhilippines (LCP)LCP Bldg. 1278 Estrada Corner LemeryStreets, Malate, Manila 1004Tel: +63 (2) 521 6384, 521 6461Fax: +63 (2) 521 7298 / 521 8239www.lcp.org.ph
Liga ng mga Barangay (LnB)2nd Floor, Old Sanguniang Bldg.Caloocan City Hall ComplexA. Mabini St. Caloocan CityTel: +63 (2) 2881653Fax +63 (2) 324-5299www.barangay.gov.ph
Minerals Development Council(MDC) Secretariat2nd Flr. Petrolab BuildingMines and Geosciences BureauNorth Avenue, Diliman, Quezon CityTelefax: +63 (2) 920 9123
E-mail: [email protected]
DENR- Mines and GeosciencesBureau (MGB)2nd Flr. Fernandez Bldg., MGB CompoundNorth Avenue, Diliman, Quezon CityTel: +63 (2) 928 8642, 920 9120Fax: +63 (2) 920 1635www.mgb.gov.ph
DTI-Board of Investments (BOI)Industry & Investment Building385 Senator Gil Puyat AvenueMakati CityTel: +63 (2) 890 9332, 895 3701,897 6682 loc. 308Fax: +63 (2) 895-3980
www.boi.gov.ph
For more informationLondon office: +44 (0)20 7514 1480
Manila office: +63 2 817 7104
[email protected] www.toledomining.com
Toledo Mining Corporation
(AIM:TMC) is an emerging
nickel producer focused onthe economic processing of
nickel laterites in the
Philippines.
The company has strategic
interests in four large,
good-grade nickel deposits
on Palawan Island, with a
combined pre-JORC
resource base of more than
300 million tonnes, or
3.1 million tonnes of
contained nickel.
Toledo is also advancing its
activities downstream in
partnership with European
Nickel and Jiangxi Rare
Earth and Rare Metals
Tungsten Group (JXTC).
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International standard for
construction and mining
Leighton Contractors (Philippines), Inc.7/F L.V. Locsin Building, 6752 Ayala Avenue corner Makati Avenue, Makati City Philippines
t: +632 841 0998 f: +632 811 0158 e: [email protected]
www.leightonasia.com
eighton Asia offers its clients the highest standard of mining solutions.Operations were established in the Asian region in 1972 and in the Philippinesn 1996. We are focused on continued success and growth in the region
with local knowledge and international experience.
eighton Asia is part of the Leighton Group, the worlds leading contract miner,with over 60 years of global mining experience. We engage a team of committedengineering and management professionals coupled with a plant fleet we own,perate and maintain to offer our clients real mining and construction solutions.
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