Dear Stakeholders
There were several articles regarding the Ordinance on Open Pit Mining that were published in the past 24 hours. Worth noting in particular are the following:
"An alliance of mining companies operating in Mindanao is calling for the immediate repeal of local government ordinances issued by South Cotabato and Zamboanga del Norte which banned open pit mining methods. The Coalition for Responsible Mining in Mindanao (Coremin2) said the ban on open-pit mining contradicts the national policy on mining as embodied by Republic Act No. 7942 or the Philippine Mining Act of 1995.”
Read Full Story Here: http://businessmirror..com.ph/home/regions/20344-coremin-wants-repeal-of-open-pit-mining-ban-by-south-cotabato-zamboanga-norte
“MANILA, Dec 7 (Reuters) - The Philippines is preparing guidelines on the use of taxes paid by mining companies to ensure local communities benefit, as it remains firm in upholding the supremacy of the Mining Act over local rules, a senior government official said on Wednesday. The guidelines on mining revenues aim to end graft practices by local officials and the move, along with the government's strong view that local mining bans were inconsistent with national policy, should boost investor interest in the sector with estimated untapped mineral reserves worth $1 trillion. Local Governments Secretary Jesse Robredo said Manila was ready to intervene, if needed, to overrule local regulations banning open pit mining.”
Read Full Story Here: http://m.trust.org/trustlaw/news/interview-philippines-readies-rules-on-use-of-mining-taxes
But likely the most important news is that the Province where TVI has its Balabag gold property (separate from the province where Canatuan operates), has passed a resolution saying that Bayog cannot prohibit legitimate mining firms from exercising their rights over mining sites that are covered with mineral production sharing agreements (MPSA) with the government. According to the board, the MPSA is an agreement between the State and the contractor or the mining firm authorized under Republic Act 7942 or the Philippine Mining Law. “In other words, the interest of the Government is also prejudiced if the contractor cannot exercise such right,” the Sangguniang Panlalawigan said.
Read Full Story Here http://interaksyon.tv/article/19073/zambo-del-sur-govt-invalidates-order-banning-open-pit-mining-in-bayog-town
Please visit TVI’s “Ordinance” page on our website for full coverage, photos and other media http://www.tvipacific.com/Investors/Ordinance/default.aspx
Regards,
Rhonda
Rhonda Bennetto | VP Investor & Corporate Relations
desk 403.233.6506
mobile 403.389-4633
skype rbennetto
TVI Pacific A Philippine Resource Company
2000, 736-6 Ave SW | Calgary, Alberta l Canada l T2P 3T7
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TVI Pacific Inc
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PRODUCER |
CODE : TVI.TO |
ISIN : CA8729171097 |
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TVI Pacific is a gold and silver producing company based in Canada. TVI Pacific produces gold, silver, copper and zinc in Philippines, and holds various exploration projects in China and in Philippines. Its main asset in production is CANATUAN in Philippines and its main exploration properties are SIENNALYNN, BALABAG, RAPU RAPU and BALABAG RIDGE in Philippines and SHUIKOUSHAN in China. TVI Pacific is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 13.1 millions as of today (US$ 10.1 millions, € 9.0 millions). Its stock quote reached its highest recent level on May 17, 1996 at CA$ 2.74, and its lowest recent point on May 06, 2016 at CA$ 0.01. TVI Pacific has 655 470 372 shares outstanding. |