BOI okays P49-B project of Silangan Mining

By Ma. Elisa P. Osorio, The Philippine Star

Posted at Jul 29 2011 06:56 AM | Updated as of Jul 29 2011 02:56 PM

MANILA, Philippines - The Board of Investments (BOI) has approved the application of the P49-billion project of Silangan Mindanao Mining Co. Inc. as a new producer of copper concentrate with gold and silver by-products.

“The Silangan Project would generate considerable employment during the development period and throughout the life of the mine. In addition, roads, schools, hospitals, and other infrastructure associated with project will directly benefit the residents of the province,” Trade Secretary and BOI chair Gregory L. Domingo said in a statement.

The Filipino owned firm’s project will have an annual ore milling capacity of 10.9 million metric tons (MT).

The firm’s proposed mining and mineral processing operations will be in Surigao del Norte. Its mineral production Sharing agreement (MPSA) covers around 2,880 hectares of the province, which is considered among the country’s 30 poorest provinces.

The proposed project is expected to generate 2,592 jobs.

The Boyongan-Bayugo copper-gold porphyry deposit of the Silangan project is located within the Surigao mineral district. The Boyongan and Bayugo deposits are approximately one kilometer apart. Its proposed copper concentrate production has potential buyers from Japan and Switzerland.