PHL sees $1B in mining investments 'achievable' this year – MGB

$1 billion in investments in the mining sector is "achievable" this year, the head of the Mines and Geosciences Bureau (MGB) of the Department of Environment and Natural Resources (DENR) said over the weekend. “We see a positive outlook in the mineral development sector and the revised target of $718 million will likely be surpassed,” said MGB director Leo Jasareno. With the DENR recently lifting its moratorium on accepting applications for mining permits, said Jasareno, 1,200 mining areas will now be re-opened to mining applications. The MGB had cancelled applications for exploration permits (EPs) for the sites when the moratorium was imposed two years ago. “We expect mining companies, both foreign and local, to start applying for exploration permits,” he said. Jasareno said that the bureau would expedite the processing of applications and act on them within six months of filing. The moratorium on mining permit applications—EPs, FTAAs (Financial or Technical Assistance Agreements) and Mineral Production Sharing Agreements (MPSAs)—was imposed by the DENR in January 2011 as it ordered the MGB to review pending and inactive mining projects in the country. “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. Another 400 applications are still being reviewed, he added. The MGB will begin accepting applications for EPs and FTAAs on March 18. Applications for MPSAs are still not allowed. Filing fees for the mining applications have been raised as stipulated under the new mining policy. — BM, GMA