The Chamber of Mines of the Philippines expects the lifting of the ban on open pit mining in South Cotabato to pave the way for the development of the Tampakan copper gold project in Mindanao.
COMP chairman Mike Toledo said the Tampakan project would be an essential post-pandemic economic recovery tool that would provide sustainable employment, open up new business opportunities and promote social development programs.
Toledo said South Cotabato’s environment code is now aligned with national laws on mining, “which allow the primary method of minerals extraction used by thousands of mines worldwide.”
“Open pit mines can be operated safely, according to globally accepted standards, and can be rehabilitated properly in a manner that provides alternative and productive land use after the life of mine,” Toledo said.
According to COMP, the Tampakan mine can generate national taxes of over P68 billion in the first 10 years of its operation. Local taxes could amount to P4 billion while royalties for indigenous people could reach P4.8 billion.
“When these projects go full swing, they can increase yearly national government revenues by P12 billion a year, local government revenues by P1.5 billion, exports by almost $2 billion and social expenditures by close to P800 million per year,” Toledo said.
With the impending change of government, Toledo said mining firms look forward to further growth and are ready to contribute to economic growth while continuing to be mindful of our environment, social and governance performance for the benefit of present and future generations of Filipinos.
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