Philippines Lifts Mining Moratorium

Researched by Industrial Info Resources (Sugar Land, Texas)--The Philippines has suspended its stringent mining regulations for tenements and mineral contracts as the government looks to the mining industry to support its economic recovery plans during the COVID-19 pandemic. The lifted regulation, Executive Order 79, lasted for nine years and has restricted foreign direct investment from coming into the country due to the moratorium on new exploration permits and tenement approval. Three notable copper-gold projects upended by the previous moratorium were St. Augustine Gold & Copper Limited's $2 billion King-King mine project, Philex Mining Corporation's $1.4 billion Silangan mine project and Sagittarius Mines Incorporated's $5.9 billion Tampakan mine project. The Mines and Geo-sciences Bureau, the Philippine mining bureau, has undertaken to review all existing mining contracts and tenements for possible agreement restructuring and litigation.

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