Sagittarius Mines Inc. (SMI) has obtained its 2023 business permit from the municipality of Tampakan after a legal battle.
The company’s latest win paves the way for the planned opening of the copper and gold mine by 2026.
SMI said its 2023 business permit was finally issued after it paid P24,579 in regulatory and other fees compared to the almost P400 million assessment of the local government unit (LGU) of Tampakan.
The dispute saw the Court of Tax Appeals (CTA) granting a preliminary injunction in favor of the company after being incorrectly assessed by the LGU for almost P400 million in alleged deficient taxes.
SMI said it has secured all major approvals to develop and operate the mine site and is ready to start construction as early as fourth quarter this year.
SMI said the issuance of the 2023 business permit is not a pre-condition to the start of its operations as it remained business as usual, in view of the CTA’s preliminary injunction issued last February.
The Tampakan copper-gold site in South Cotabato, Sarangani, Sultan Kudarat and Davao del Sur is said to be one of the largest undeveloped mineral deposits in the entire Southeast Asia and needs at least $1 billion to start its operations.
It has an estimated reserves of 15 million tons of contained copper and nearly 18 million ounces of gold or 375,000 tons of copper and 360,000 ounces of gold in concentrate annually, over a proposed 17-year mine life.
