Filtered By: Money
Money

SCotabato, Sagittarius Mines may settle mining row


The issue of open-pit mining in South Cotabato may be settled amicably by the local government and Tampakan project operator Sagittarius Mines Inc., the Department of Environment and Natural Resources said Wednesday. “There is a breakthrough at the local level after Sagittarius Mines presented the water study during one of the consultation meetings with the South Cotabato government. It is positive they may resolve it at the local level," Environment Secretary Ramon Paje told reporters. The South Cotabato government approved the environmental code that allows open-pit mining in the province, after the issue of water depletion was resolved. “The company was able to explain that there will be no scenario of water depletion. In fact, supply may even be enhanced once the water equipment has been installed," said Paje. He said it is in the interest of the government, both local and national, to make sure the project persists. We just cannot allow this project to go down the drain." An official of Sagittarius Mines on Wednesday confirmed that things are now moving from deadlock since the Sangguniang Bayan acquiesced to a series of new consultations. “Things are looking good. But we certainly would want the support of the national government. Sooner or later they would have to come in," said the official, who refused to be named. Paje said it was the company who requested the Department of Environment and Natural Resources that it be allowed to negotiate with the Sangguniang Bayan. “But we are prepared to give assistance should [Sagittarius Mines] need it. It’s a very big project. After 10 years of exploration, we just cannot allow it to go back to square one," he said. The project is estimated to generate around $40 billion in revenue for the Philippines over the project’s lifespan. The Tampakan project is potentially envisioned to become the country’s largest and the world’s fifth largest copper mine. — JE/VS, GMANews.TV