RTG Mining Inc (ASX:RTG, TSX:RTG) has welcomed the lifting by the Philippines Government of a four-year-old ban on the open-pit method of mining for copper, gold, silver and complex ores in the country.
On December 23, 2021, Secretary Roy Cimatu of the Department of Environment and Natural Resources (DENR) signed Department Administrative Order No. 2021-40 to lift the ban.
This order from DENR covers all mining tenement holders in the country that will adopt a surface mining method and sets strict conditions and requirements for those that would use the open pit method to ensure all mining is undertaken to world’s best practices.
Capacity to stimulate growth
In a statement, RTG said: "We are pleased with the DENR’s continued efforts to encourage the mining industry.
"The Mabilo Project developed in line with the DENR’s directives, has the capacity to stimulate economic growth in the local communities, the province in which the project is located and the Philippines more broadly."
According to the DENR order, the lifting of the ban is meant to “revitalize the mining industry and usher in significant economic benefits to the country by providing raw materials for the construction and development of other industries and by increasing employment opportunities in rural areas”.
Focus on Mabilo Project
RTG, which is listed on the main board of the Toronto Stock Exchange and the Australian Securities Exchange, is focused primarily on progressing the Mabilo Gold-Copper Project to start-up having recently received a mining permit, with a view to moving quickly and safely to a producing gold and copper company.
The company also has a number of other opportunities including the Panguna Project in Bougainville, which it remains committed to but during these uncertain times, the primary focus is on advancing Mabilo.
RTG has an experienced management team that has developed seven mines in five different countries, including being responsible for the development of the Masbate Gold Mine in the Philippines through CGA Mining Limited.
It has some of the most respected international investors as shareholders including Franklin Templeton, Equinox Partners and Sun Valley.