Free Newsletters - Space - Defense - Environment - Energy - Solar - Nuclear
..
. Earth Science News .




TRADE WARS
Philippines issues new mining policy
by Staff Writers
Manila, Philippines (UPI) Jul 10, 2012


Philippines President Benigno Aquino has signed an executive order that bans mining in prime agricultural and fishing areas as well as in 78 designated eco-tourism sites.

The order also states no new mining permits would be approved until Congress passes a bill backing a mining tax increase. It calls for a 5 percent royalty on mining companies' gross earnings, compared with the current tax of 2 percent.

If such a law was passed by 2016, the government says, the Philippines could earn an additional $381 million from the higher royalties. Existing mining contracts would be included.

Leo Jasareno, director of the government's mines and geo-sciences bureau, said the government is targeting $2 billion worth of mining investments this year and $16 billion by 2016.

From 2004 to 2011, investments in mining projects in the country totaled about $4.4 billion.

Last year, mining accounted for 1 percent of the Philippines' gross domestic product.

Government estimates indicate the country has at least $840 billion in gold, copper, nickel, chromite, manganese, silver and iron ore deposits.

But large-scale mining in the Philippines has faced fierce opposition from community groups and local governments as well as the country's influential Catholic bishops.

Mining giant Xstrata's $5.9 billion Tampakan copper-gold project in the southern Philippines, for example, has been held up by a ban on open-pit mining imposed by the provincial government.

"The executive order is a product of input from stakeholders at all levels to address their concerns," Philippine Executive Secretary Paquito N. Ochoa Jr. said in a statement. "We are confident that with the EO in place, we will be able to put order in processing mining applications and at the same time reinforce protection of the environment, spur economic growth, and create employment opportunities."

The Chamber of Mines of the Philippines, an industry group, said it welcomed the new mining policy, saying it offers solutions that will encourage the development of the country's mineral resources.

Noting the EO was "crafted within a consultative framework involving mining's various stakeholders," the chamber in a statement called the policy "a signal to all investors of government's desire to establish a consistent and stable business environment founded on a level playing field."

"We are hopeful that the policy will harmonize conflicting interests, encourage investments, and foster sustainable development especially in the countryside where it is greatly needed," the chamber said.

.


Related Links
Global Trade News






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





TRADE WARS
Bolivia mine in crisis after protest death
La Paz, Bolivia (UPI) Jul 10, 2012
Bolivia's mining industry is in crisis after the death of a protester and government moves to salvage the situation by considering seizure of a Canadian silver mine at the center of controversy. Officials insist the farmer who died during the protests had been killed in a dynamite accident and had not been shot, as reported in the news media. Government Minister Carlos Romero went to so ... read more


TRADE WARS
Japan pushes ASEAN to lift export restrictions

Report faults Fukushima response

Fukushima was 'man-made' disaster: Japanese probe

Aussie patrol boats are 'under pressure'

TRADE WARS
ESA's Clean Space targets orbital debris and greener environment

Metamolecules that switch handedness at light-speed

Satellite for SES Beginning Post-Launch Maneuvers

New reporter? Call him Al, for algorithm

TRADE WARS
Scientists Discover New Trigger for Immense North Atlantic Plankton Bloom

World's coral reefs at risk

30% of fish stocks overexploited: UN agency

Eddies, not sunlight, spur annual bloom of tiny plants in North Atlantic

TRADE WARS
Argentina court upholds glacier protections against mining

Study: Wrong diet doomed 1912 polar try

Scientists to produce first 3-D models of Arctic sea ice

Canada builds up arctic region defenses

TRADE WARS
South African farmer equips sheep with cell phones

Study serves up healthy choice of rice

Brazil has laws that protect against "Big Food" and "Big Snack"

What's cooking? The UK's potential food crisis

TRADE WARS
Russian flood victims pick through damage

Russia mourns flood dead as questions mount

Russian official sacked over slack flood response

Indian floods kill threatened rhinos

TRADE WARS
War vets threaten Angola elections over unpaid pensions

Mali to form 1,200-strong elite force to protect transition

UN soldier dies as DR Congo rebels take Uganda border post

Developing world has less than five percent chance of meeting UN child hunger target

TRADE WARS
Seabirds studied for clues to human aging

Hong Kong's land shortage forces bereaved to sea

Diet of early human relative Australopithecus shows surprises

Outside View: 18th-century words for today




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement