MANILA, Philippines - With the lifting of the moratorium on the acceptance of new mining permit applications, mining investments in 2013 are expected to surpass the target of $718 million for 2013.
Mines and Geosciences Bureau (MGB) Leo Jasareno said that while the bureau is keeping its investment targets for the year, fresh investments could reach $1 billion.
“A $1 billion mining investment is achievable,†said Jasareno. “We see a positive outlook in the mineral development sector and the revised target of $718 million will likely be surpassed.â€
He said applications for 1, 200 mining areas that were previously cancelled by the MGB with finality when the two year moratorium on the acceptance of mining permit applications was imposed would now be opened to new applications.
“We expect mining companies, both foreign and local to start applying for exploration permits,†said Jasareno. “We will expedite the processing of applications for new exploration permits and make sure that we will act on the application within the prescribed period of six months upon filing.â€
In January 2011, the MGB imposed a moratorium on the acceptance of applications for new mining permits as it implemented a “cleansing†of applications to prevent the entry of speculators or mining rights holders who only use their permits to influence stock prices but do not develop their tenements.
“Of the 2, 100 applications we reviewed, only 500 passed our standard for cleansing mining applications as part of the ‘use it or lose it policy’, said Jasareno.
He said 400 mining applications are still being reviewed.
The Department of Environment and Natural Resources (DENR) recently lifted the moratorium on the acceptance of applications for exploration permits (EP) and Financial or Technical Assistance Agreement (FTAA). Beginning March 18, the MGB will begin accepting applications for EP and FTAA.
Under the new mining policy issued in July, exploration permits cannot be issued until the so-called no-go zones, or areas where mining activities would be limited or prohibited, have been identified.
Jasareno earlier said that the MGB has completed the mapping of these no-go zones, noting that boundaries of prime agricultural lands have been drawn.
The DENR also recently raised the filing fees for all mining applications as stipulated under the new mining policy.
The filing fees for applications for exploration permits (EP) will be raised to P300 per hectare but not less than P200,000 per application from P60 per hectare but not less than P50,000 per application.
Filing fees for the application for Mineral Agreement (MA) shall now be P300 per hectare but not less than P300,000 per application from the previously imposed P60 per hectare but not less than P50,000 per application.
The fees for the application for Financial and Technical Assistance Agreement (FTAA) shall now be P300 per hectare but not less than P500,000 per application from P60 per hectare but not less than P100,000 per application.