Environment and Natural Resources Secretary Jose L. Atienza has approved two exploration permits for the British-owned MTL Philippines Inc.
MTL Philippines Inc. is the first significant British mining investment in the country.
MTL Philippines is 99.9 percent owned by Metals Exploration, PLC, a British company.
MTL is specifically looking for gold and copper.
It is investing a total of P16.726 billion for its two exploration projects.
It applied and has been granted two exploration permits for a 7,347 hectare area in Solano, Villaverde, Bagabag and Dupax del Norte, Nueva Vizcaya and a 6,971 hectare area in Bagabag and Quezon, Nueva Vizcaya.
The exploration permit for the 7,347-hectare area in Solano, Villaverde, Bagabag and Dupax del Norte, Nueva Vizcaya originally covered an area of 8,855 hectares.
However, the applied area was reduced to 7,347 hectares after a portion was removed because it is situated within the Casecnan protected landscape, while another portion covered a riceland and a major road for which the required clearance or consent was not secured.
A 45-hectare portion of the applied area in Dupax del Norte was previously covered by a Lode Lease Contract granted to Dupax Zinc Producers Corp. which had expired on Nov. 15, 1991.
MTL is set to immediately pursue mineral exploration activities in the proposed permit area in accordance with its two- year exploration work program (EWP).
MTL is investing P8.08 billion for its exploration activities in Solano, Villaverde, Bagabag and Dupax del Norte, Nueva Vizcaya.
Additionally, MTL is also setting aside P852,000 for its environmental work program for its exploration activities in the area.
MTL’s other exploration permit for 6,971 hectares in Bagabag and Quezon, Nueva Vizcaya covers portions that were previously being explored by Climax-Arimco Mining Corp. (CAMC), now known as Oceana Gold Mining Corp.
Another portion was previously being explored by Pegasus Mining Inc.
However, Pegasus lost its exploration permit after failing to meet certain requirements set by the MGB.
MTL is investing P8.646 million for its exploration activities in Bagabag and Quezon, Nueva Vizcaya plus a separate P864,675 for its environmental work program.