FCF Minerals upbeat on Phl mining prospects

BAYOMBONG, Nueva Vizcaya, Philippines – FCF Minerals Corp. remains bullish on the prospect of the Philippines’ mining industry even as it expressed confidence in the way the current administration is managing the economy. 

FCF has been providing its shareholders with high capital growth potential through the discovery and development of high value mineral resources within Southeast Asia, with particular emphasis on the Philippines.

The company which is currently undertaking exploration activities at Barangay Runruno, Nueva Vizcaya, said it remains committed to do its share in helping the country sustain economic growth which has gained impetus under the Aquino administration.

In a recent provincial board meeting FCF president Ian Holzberger and country manager Craig Watkins said that the Runruno Gold-Molybdenum Project is projected to uplift the economic condition not only of the Runruno community where the company operates but the entire province of Nueva Viscaya and the whole country as well.

The company obtained the Financial or Technical Assistance Agreement (FTAA) in October 2009. The FTAA effectively gave the company exclusive rights to exploration, development and commercial utilization of mineral resources within its contract area under full control and supervision of the government which has 60 percent interest equity stake in the project.

The positive impact of FCF’s presence in the community had already benefited Runruno even during the project’s feasibility study and exploration stage. In 2010, FCF remitted a total of P18.8 million in taxes and fees to the national and local governments.

FCF also provided P18.2 million during the previous year for community development which includes livelihood projects, support to skills training and education.

FCF has been issued Environmental Compliance Certificate (ECC) by the Department of Environment and Natural Resources (DENR) and the Environment Management Bureau (EMB) in March 2010. This certifies the company’s commitment to responsible and sustainable mining which places a premium on the preservation of the environment. FCF has so far implemented reforestation, rehabilitation and slope stabilization, and waste management programs.

Watkins said that FCF also promises to hire locals during the project’s construction and operation a move that is expected to spur economic activities in the community by way of increased consumer spending, indirect employment, and bigger local government budgets for infrastructure and services to the community.