Philex Mining's project may be delayed due to moratorium


Posted at Jul 13 2012 10:52 AM | Updated as of Jul 13 2012 06:52 PM

MANILA, Philippines - A project of Philex Mining may be delayed because of the extended moratorium on mining permits.

Under Executive Order 79, the moratorium will stay until Congress raises the tax rate on mining.

Philex Mining chairman Manuel Pangilinan hopes Congress can quickly enact a new law on mining so Philex can proceed with its Boyongan-Bayugo project in Surigao.

"There are 2 pieces of property in Silangan - Boyongan and Bayugo properties. Boyongan already has the NPSA, so we have the relevant permits to do that. Yun Bayugo wala pa, it's just an exploration permit. So baka maantala yun because of this EO," he said on Thursday.

"It's a function of how quickly Congress and Executive can enact the relevant legislation on taxation (on mining," he added. - ANC