Mining Investments in the Philippines this year are forecast to hit $2.8 billion, double initial forecasts of $1.4 billion, and the highest annual figure since 2005 when the sector was opened fully to foreigners.
The Southeast Asian country, which sits on an estimated $1 trillion worth of mineral resources, wants to attWHAT PROBLEMS DO MINERS FACE?ract more mining investors and take advantage of higher global metal prices to create jobs and stimulate the domestic economy.
Investment policy flip-flops and a strong anti-mining lobby, however, have slowed development and the chances of boosting investments in the sector.
Investment policy flip-flops and a strong anti-mining lobby, however, have slowed development and the chances of boosting investments in the sector.
WHAT IS THE STATUS OF THE COUNTRY'S BIGGEST MINING PROSPECT?
The $5.9 billion Tampakan copper-gold project of Xstrata Plc in the southern province of South Cotabato -- Southeast Asia's largest undeveloped copper-gold prospect -- is under threat from an open-pit mining ban imposed by the Local Government.
Mining investments in the Philippines this year are forecast to hit $2.8 billion, double initial forecasts of $1.4 billion, and the highest annual figure since 2005 when the sector was opened fully to foreigners.
The Southeast Asian country, which sits on an estimated $1 trillion worth of mineral resources, wants to attract more mining investors and take advantage of higher Global Metal prices to create jobs and stimulate the domestic economy.
Investment policy flip-flops and a strong anti-mining lobby, however, have slowed development and the chances of boosting investments in the sector.
WHAT IS THE STATUS OF THE COUNTRY'S BIGGEST MINING PROSPECT?
The Southeast Asian country, which sits on an estimated $1 trillion worth of mineral resources, wants to attract more mining investors and take advantage of higher Global Metal prices to create jobs and stimulate the domestic economy.
Investment policy flip-flops and a strong anti-mining lobby, however, have slowed development and the chances of boosting investments in the sector.
WHAT IS THE STATUS OF THE COUNTRY'S BIGGEST MINING PROSPECT?
The $5.9 billion Tampakan copper-gold project of Xstrata Plc in the southern province of South Cotabato -- Southeast Asia's largest undeveloped copper-gold prospect -- is under threat from an open-pit mining ban imposed by the local government.
The justice, environment, and local government departments agree the mining ban and other anti-mining measures imposed by local governments run counter to the national mining law.
However, local government officials have invoked their powers and rights to Mining investments in the Philippines this year are forecast to hit $2.8 billion, double initial forecasts of $1.4 billion, and the highest annual figure since 2005 when the sector was opened fully to foreigners.
The Southeast Asian country, which sits on an estimated $1 trillion worth of mineral resources, wants to attract more mining investors and take advantage of higher global metal prices to create Jobs and stimulate the domestic economy.
The justice, environment, and local government departments agree the mining ban and other anti-mining measures imposed by local governments run counter to the national mining law.
However, local government officials have invoked their powers and rights to Mining investments in the Philippines this year are forecast to hit $2.8 billion, double initial forecasts of $1.4 billion, and the highest annual figure since 2005 when the sector was opened fully to foreigners.
The Southeast Asian country, which sits on an estimated $1 trillion worth of mineral resources, wants to attract more mining investors and take advantage of higher global metal prices to create Jobs and stimulate the domestic economy.
Investment policy flip-flops and a strong anti-mining lobby, however, have slowed development and the chances of boosting investments in the sector.
WHAT IS THE GOVERNMENT'S STAND ON MINING?
employe
Investment of $560 million in Aquino's first six months in office last year was in existing projects.
But hopes for new operations have grown after the Environment department completed in July an eight-month "cleansing" process aimed at getting rid of mining speculators.
The proliferation of mining speculators, or those given permits but have not started any projects, has discouraged serious investors and the development of the country's mining industry.
The government's use-it-or-lose-it policy has resulted in the cancellation of hundreds of permits for non-moving projects and the opening of about 5 million hectares of potentially mineralised areas across the archipelago to new investors.
The government is also seeking a review of fiscal incentives in the Mining Act to get more revenues to plug a huge budget gap.
WHAT IS THE GOVERNMENT'S STAND ON MINING?
employe
Investment of $560 million in Aquino's first six months in office last year was in existing projects.
But hopes for new operations have grown after the Environment department completed in July an eight-month "cleansing" process aimed at getting rid of mining speculators.
The proliferation of mining speculators, or those given permits but have not started any projects, has discouraged serious investors and the development of the country's mining industry.
The government's use-it-or-lose-it policy has resulted in the cancellation of hundreds of permits for non-moving projects and the opening of about 5 million hectares of potentially mineralised areas across the archipelago to new investors.
The government is also seeking a review of fiscal incentives in the Mining Act to get more revenues to plug a huge budget gap.
But the 2010/2011 Fraser Institute annual survey of mining companies showed the Philippines was among the least attractive mining territories in the world, although it improved its ranking to 66th out of 79, from 70th out of 72 in the previous survey.
The index measures overall policy attractiveness based on taxation, infrastructure, political stability, Labour Issues, security and environmental regulations.
The index measures overall policy attractiveness based on taxation, infrastructure, political stability, Labour Issues, security and environmental regulations.
WHAT IS THE STATUS OF THE COUNTRY'S BIGGEST MINING PROSPECT?
The $5.9 billion Tampakan copper-gold project of Xstrata Plc in the southern province of South Cotabato -- Southeast Asia's largest undeveloped copper-gold prospect -- is under threat from an open-pit mining ban imposed by the local government.
The justice, environment, and local government departments agree the mining ban and other anti-mining measures imposed by local governments run counter to the national mining law.
However, local government officials have invoked their powers and rights to protect their communities, causing an impasse on how to proceed with mining projects.
local government.
Sagittarius Mines Inc, Xstrata's Philippine unit, has sought a review of the ban, saying open pit mining was the safest and most economic extraction method.
Sagittarius has presented an environmental impact statement (EIS) on the mine via a series of , Public Consultations set to end this month, one of the requirements before a review of the local code starts.
The justice, environment, and local government departments agree the mining ban and other anti-mining measures imposed by local governments run counter to the national mining law.
However, local government officials have invoked their powers and rights to protect their communities, causing an impasse on how to proceed with mining projects.
local government.
Sagittarius Mines Inc, Xstrata's Philippine unit, has sought a review of the ban, saying open pit mining was the safest and most economic extraction method.
Sagittarius has presented an environmental impact statement (EIS) on the mine via a series of , Public Consultations set to end this month, one of the requirements before a review of the local code starts.
WHAT PROBLEMS DO MINERS FACE?
A strong opponent in the majority Christian country is the Catholic Church, which has come out against mining projects such as the proposed Tampakan mine, citing local concerns.
Tax and security issues are also among investors' major concerns. Environment Secretary Ramon Paje has proposed a 5 percent royalty fee from miners on top of the existing 2 percent excise tax, a proposal shot down by the industry.
Existing investors also complain that local governments impose unregulated taxes on mining. Local government units are given the power to levy taxes, fees or charges on Businesses in their areas under the local code.
A strong opponent in the majority Christian country is the Catholic Church, which has come out against mining projects such as the proposed Tampakan mine, citing local concerns.
Tax and security issues are also among investors' major concerns. Environment Secretary Ramon Paje has proposed a 5 percent royalty fee from miners on top of the existing 2 percent excise tax, a proposal shot down by the industry.
Existing investors also complain that local governments impose unregulated taxes on mining. Local government units are given the power to levy taxes, fees or charges on Businesses in their areas under the local code.
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Miners must also deal with communist rebels demanding revolutionary taxes and compensation for communities hosting mining projects, and miners are harassed if they fail to pay up.
One result of large players shunning the country is that small-scale gold mining accounts for two-fifths to nearly half of annual total mining output by value, becoming a mlocal government.ajor employer as a result.WHAT PROBLEMS DO MINERS FACE?
A strong opponent in the majority Christian country is the Catholic Church, which has come out against mining projects such as the proposed Tampakan mine, citing local concerns.
One result of large players shunning the country is that small-scale gold mining accounts for two-fifths to nearly half of annual total mining output by value, becoming a mlocal government.ajor employer as a result.WHAT PROBLEMS DO MINERS FACE?
A strong opponent in the majority Christian country is the Catholic Church, which has come out against mining projects such as the proposed Tampakan mine, citing local concerns.
Tax and security issues are also among investors' major concerns. Environment Secretary Ramon Paje has proposed a 5 percent royalty fee from miners on top of the existing 2 percent excise tax, a proposal shot down by the industry.
Existing investors also complain that local governments impose unregulated taxes on mining. Local government units are given the power to levy taxes, fees or charges on businesses in their areas under the local code.
Miners must also deal with communist rebels demanding revolutionary taxes and compensation for communities hosting mining projects, and miners are harassed if they fail to pay up.
One result of large players shunning the country is that small-scale gold mining accounts for two-fifths to nearly half of annual total mining output by value, becoming a major employer as a result.protect their communities, causing an impasse on how to proceed with mining projects.
Existing investors also complain that local governments impose unregulated taxes on mining. Local government units are given the power to levy taxes, fees or charges on businesses in their areas under the local code.
Miners must also deal with communist rebels demanding revolutionary taxes and compensation for communities hosting mining projects, and miners are harassed if they fail to pay up.
One result of large players shunning the country is that small-scale gold mining accounts for two-fifths to nearly half of annual total mining output by value, becoming a major employer as a result.protect their communities, causing an impasse on how to proceed with mining projects.
Sagittarius Mines Inc, Xstrata's Philippine unit, has sought a review of the ban, saying open pit mining was the safest and most economic extraction method.
Sagittarius has presented an environmental impact statement (EIS) on the mine via a series of public consultations, set to end this month, one of the requirements before a review of the local code starts.
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