The Department of Environment and Natural Resources (DENR) through the Mines and Geosciences Bureau (MGB) said it will update the data on the state-owned mineral assets in preparation for their sale, Secretary Roy Cimatu said.
The review will cover data on the volume of mineral resources and reserves, technical basis of estimates and methodology of estimation, as well as their viability to fetch a better price.
Wilfredo Moncano, director of the MGB, said some of these mining assets stopped operating in the 1980s and may not be compliant to the Philippine Mineral Reporting Code of 2010
Moncano said idle mining assets such as the Basay Mining Corp. in Negros Oriental stopped operations in 1983 and Marinduque Mining and Industrial Corp. (MMIC Bagacay Mine) in Samar was foreclosed by the Development Bank of the Philippines and the Philippine National Bank in 1984.
He said updating will most likely advance on assets with no pending legal cases like the Basay Mining Corp. and MMIC Bagacay Mine.
He said some assets under the Privatization and Management Office (PMO) of the Department of Finance have sufficient and updated data and can be auctioned off soon.
The PMO -held mining assets for disposal include the Pacific Nickel Philippines Inc. in Surigao del Norte, North Davao Mining Property in Davao del Norte, Maricalum Mining Corp. in Negros Occidental and Marcopper Mining Corp. in Marinduque.
“Once investors bid on these mining assets, operations will resume. However, documentary requirements to allow for the development and commercial operations to resume will have to be submitted by the winning bidder to MGB,” Moncano added. – Jed Macapagal