Investors still looking into opportunities, Mines and Geosciences bureau says

The Mines and Geosciences Bureau (MGB) said Friday at a meeting with fund managers in Makati City that it has been receiving many inquiries about mining opportunities after the issuance of the revised rules on the presidential executive order on mining.   On October 25, the Implementing Rules and Regulation (IRR) of EO 79 takes effect.    “We will see what the new IRR can do to the local mining sector. We hope this will clear any doubts on the issues that would seem ambiguous at first,” Mines Bureau Director Leo Jasareno said.   “They are aware we still cannot entertain applications more so approve pending applications,” he added.   Among the opportunities open to investors are expired mining tenements, Jasareno said.   In Section 3 of the revised IRR, the definition of an expired mining tenement includes lapsed mining contracts of 25-50 years.   Related to Section 3 is the revised Section 9, which provides for competitive bidding.   Section 9 now states that “the grant of mining rights and mining tenements over areas with known and verified mineral resources and reserves, including those owned by the government and all expired tenements, shall be undertaken through competititve bidding.”   Also affected by revision is Section 7 of the IRR. It provides that no new mineral agreement shall be entered into until  new legislation on revenue sharing scheme and mechanisms are put in place. — ELR, GMA News