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MANILA, Philippines — Filipino-owned Silangan Mindanao Mining Co. Inc. is investing P49 billion for a mining and mineral processing operations in Surigao del Norte.
The Board of Investments (BoI) has approved its project under the mandatory listing of Republic Act 7942, otherwise known as the Philippine Mining Act of 1995. The P49-billion project is the largest single mining investment registered with the BoI so far this year.
The project has a proposed annual ore milling capacity of 10.9 million metric tons. The company will produce copper concentrate with gold and silver by-products.
Its Mineral Production Sharing Agreement (MPSA) covers around 2,880 hectares of the province, which is considered among the country’s 30 poorest provinces.
The mining area’s total resource estimate is 393 million tons and the mine life is estimated to reach around 36 years.
The project is expected to generate 2,592 jobs as commercial operation is scheduled to begin no later than January 2017.
“The Silangan Project would generate considerable employment during the development period and throughout the life of the mine. In addition, roads, schools, hospitals, and other infrastructure associated with project will directly benefit the residents of the province,” Trade Secretary and BoI Chair Gregory L. Domingo said.
The Boyongan-Bayugo copper-gold porphyry deposit of the Silangan Project is located within the Surigao Mineral District.
The Boyongan and Bayugo deposits are approximately one kilometer apart. Its proposed copper concentrate production has potential buyers from Japan and Switzerland.
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By: Bernie Cahiles-Magkilat
Source: Manila Bulletin, July 29, 2011
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