SMI remains committed to $5.9-B Tampakan proj

MANILA, Philippines - Sagittarius Mines, Inc. (SMI) president Peter Forrestal said yesterday that the Xstrata-led mining firm remains committed to the $5.9-billion Tampakan copper-gold project despite the recent setback in its application for an environmental compliance certificate (ECC).

In an interview on the sidelines of the Philippine Mining Club’s bimonthly meeting yesterday at the Makati Shangrila Hotel, Forrestal stressed that SMI remains committed to the Tampakan project.

He said SMI continues to work with the Department of Environment and Natural Resources (DENR) for its ECC application.

 Likewise, Forrestal said SMI is continuing discussions with the South Cotabato provincial government to lift the ban on open-pit mining, the method SMI intends to use for the Tampakan project.

“We will continue to engage all stakeholders and continue to do so in all aspects regarding the project. We are also continuing talks with the provincial government of South Cotabato on the issue of open pit mining,” Forrestal said, adding, “it’s an important project for the country and we will continue to work hard for it, especially on community works and advocacy.”

The DENR has denied the ECC application of SMI on the ground that it has not defined its mining method since the issue of the open pit mining ban by South Cotabato remains unresolved.           

Meanwhile, OceanaGold intends to spend $5 million to $10 million annually for additional exploration activity near its Didipio project in Luzon, according to Mick Wilkes, chief executive officer of OceanaGold.

In a presentation yesterday at the Philippine Mining Club luncheon, Wilkes said the Didipio copper-gold project remains on track with expected commissioning by the fourth quarter of this year.

As of June 2011, Wilkes said OceanaGold had spent $195 million for the project, with total investments estimated to reach $350 million.

Wilkes said the Didipio project, is expected to generate up to $500 million in tax revenues to the Philippine government.