Philippine President Benigno S. Aquino said on Wednesday that his administration will not allow any new mining projects until the Congress passes revisions on the mining act about revenue-sharing formula between government and mining companies. Aquino made the statement amid the pending appeal of the local unit of Xstrata PLC, a multinational mining company headquartered in Zug, Switzerland, to grant the company the environmental compliance certificate for the $5.9-billion Tampakan gold and copper project in southern Philippine province of South Cotabato. "We still stick with our position that there has to be a reformulation of the governing law with regards to the mining industry. And we would rather not continue the situation or also the risks until the remedies or the corrections in the mining laws will be corrected," he said in his annual forum with the Foreign Correspondents Association of the Philippines (Focap) on Wednesday. Aquino wants the government to get higher share of royalties from the mining projects, citing that when problems arise, it is the state that has to address them. "So subject to review, I think the safest position will be to await these new amendments to the (mining) law so that we don't grant something that we would be changing almost as soon we granted it," the President added.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor