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Government finalizing new mining policy, Aquino says
The proposed Executive Order on new mining policy has gone through Malacanang and the proposal is being presented to various mining stakeholders before its final approval, President Benigno S. Aquino III said.
“Dumaan po sa akin ‘yung proposed executive order. I understand this is being run through the various stakeholders,” the President said during the book launching of the People Power Volunteers for Reform (PPVR) in Greenhills, San Juan on Tuesday.
According to the President, among the issues being discussed with the stakeholders were ecology, the role of mining companies and the local communities.
He said he’s awaiting the results of the consultations but expressed his reservations on some of the features of the new mining policy.
“We get something like two percent of the proceeds… And in a very simplistic way of looking at it, 100 percent of the problem, if there becomes a problem, is our problem. But of the proceeds only two percent is ours to take care of the 100 percent of the problem. Hindi yata fair,” he said.
There has to be an increase in what government gets from mining operations in the country, the Chief Executive said.
He also disclosed that there are at least 78 sites designated as tourism sites that will not be exploitable to mining interests. Also, some provinces negatively affected by mining operations before will be banned from mining activities.
The mining industry has been expecting the immediate release of the new mining policy in the country claiming that the industry lost significant amount of investments last year because of the absence of new mining policy.
The government acknowledged that an inconsistent mining policy has been a problem in the country in the past several years, and the Aquino administration wants to have a definitive mining guidelines that will boost the local mining industry and attract more investments.
Maybe the Liberal Party is still raising campaign funds, then buy the depressed mining issues while EO remains pending. Once they are done with the buying, EO is released, kaboom! More funds for the 2013 elections. Just my conspiracy theory.
I'm not sure if my hunch is valid... Baka magkaroon pa ng sell on news when the EO is released, that's how I observed the typical behavior of the market, since most are anticipating it, big trading operators take this opportunity o unload big chuck of what they have accumulated. Maybe we can have some kind of voting, to what will happen after EO is released.
"It's not the thinking that will make you rich in stock market, but the NOYNOYING."
pano ka maka sell. wala ka naman mining diba?
Recently posted commentaries expressed hopes that Indonesia’s mining policy changes that take effect today will help lift the financial performances of some of our local mining listed firms. I do hope it indeed pans out to our country’s advantage.
Here is an article that explains what the policy changes are. Paragraphs 4 and 8 however would likely temper the favorable results that we are looking forward to.
Indonesia tax on metals to hit Chinese nickel/bauxite shipments
Author: By Michael Taylor and Polly Yam
Posted: Friday , 04 May 2012
JAKARTA/HONG KONG (REUTERS) -
New Indonesian taxes on metals and curbs on raw mineral shipments are likely to hit exports of nickel and bauxite to China, an industry source said on Friday, highlighting concerns over the impact of the policy changes by Southeast Asia's biggest economy.
Jakarta aims to boost investment in domestic ore processing to lift exports of higher-value finished metals by the G20 economy through the new rules which come into force on Sunday.
The resource-rich nation is imposing a 20 percent tax on some metal ore exports and will prohibit shipments of raw minerals unless miners submit plans to build smelters.
The rules are likely to affect less than a third of Indonesia's metal exports but are a precursor to a total ban on raw material exports by 2014.
Around 10,000 holders of mining business permits , mostly small-scale miners in the world's top nickel miner and tin producer, will be required to produce plans of how they will process and smelt ores within Indonesia ahead of 2014, or face a ban on exporting from Sunday.
"China's imports of nickel laterite ores from Indonesia may fall sharply after May, which would force Chinese nickel-pig-iron producers to cut production as ore prices rise," said a trade manager at a nickel pig iron producer in China, which has two ships at an Indonesian port trying to leave by Sunday.
Indonesia supplied around 80 percent of China's nickel and 53 percent of its bauxite last year, according to PwC data.
Most major miners in Indonesia, such as Freeport-McMoRan & Gold Inc, Vale Indonesia and Newmont Corp hold decades long Contracts of Work (COW) agreements that they believe protect them against new rules.
State-owned miner Aneka Tambang (Antam), however, said in an email that it worked under the shorter term contracts being targeted by the ruling, but had numerous processing projects due to start production in 2014.
watched hagedorn yesterday in an early AM talk with bro elly.
nauwi ang usapan nila sa mining - especially the one in palawan.
the strong argument on an enviro stance is once you have mined all there is to be mined, you leave the site with the environment ravaged - immediate economic benefit nga pero lasting tarnish on the environment that cannot be replaced back. for tourism daw, may not be immediate in impact economically pero very long term as your investors (in the form of tourists) come and go w/o taking back with them resources that will deplete the environment. incidentally, the undergorund caverns in palawan is now a wonder of the world.
kaya pala panay ang hataw ng "more fun the philippines" slogan.
Mining investments fall sharply due to ban on new permits
MANILA, Philippines - Investments in the Philippines' mining industry fell 35% last year after the government stopped issuing new permits, officials said Monday.
Foreign and domestic mining investment dropped to $618.5 million last year, from $956 million in 2010, said Leo Jasareno, head of the government's Mines and Geosciences Bureau that oversees the industry.
"We have a moratorium on new exploration applications. It is a logical extension that there would be no more new mining projects," Jasareno told AFP.
President Benigno Aquino's administration suspended the issuing of new permits in January last year as it began a comprehensive review of the sector aimed at ensuring the government received more revenues.
The government says it gets only a tiny share of mining companies' profits via a two-percent excise tax, and is looking at models that would vastly increase the amount returned to state coffers.
The Philippines is believed to have some of the biggest mineral reserves in the world -- the government estimates the country has at least $840 billion in gold, copper, nickel, chromite, manganese, silver and iron.
However the minerals have been largely untapped, partly because of a strong anti-mining movement led by the influential Catholic Church, while poor infrastructure, red tape and security concerns have also kept investors away.
Chamber of Mines spokesman Rocky Dimaculangan said the government's review, which still has not been completed, and the continuing suspension on new applications had scared off potential investors.
"This has a chilling effect. The moratorium is keeping investors away or giving them second thoughts about investing," he told AFP.
Jasareno said no date had yet been set for the release of the new policies, but that it would be soon and give certainty to investors.
"We anticipate everything will stabilise once the mining policy is issued by the president," he said. - Rappler.com
When too much is just right....
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