Indophil hurdles ownership obstacle in mining venture
Filed under: Mine - Tampakan, Mineral - Copper, Mineral - Gold, Operator - Indophil Resources NL, Region 12 - South Cotabato
GENERAL SANTOS CITY (MindaNews/18 Dec) — An Australian-backed huge mining venture in southwestern Mindanao has hurdled an ownership obstacle in its planned development of copper and gold deposits in the provinces of South Cotabato, Sultan Kudarat and Davao del Sur.
Gavan Collery, Indophil Resources NL corporate affairs manager, said that the Supreme Court has reaffirmed the rights of Indophil’s operating associate, Sagittarius Mines Inc. (SMI), to the Columbio Financial or Technical Assistance Agreement (FTAA). An FTAA certificate gives a holder exclusive rights to conduct mineral exploration in a contract area.
In December 2001, then Environment Secretary Heherson Alvarez approved the granting of Columbio FTAA 02-95-XI from another Australian firm, Western Mining Corp.-Philippines, to Sagittarius.
Lepanto Consolidated Mining, Inc. later on questioned the transfer of the rights before the Court of Appeals, but was dismissed in 2003. It was then brought to the Supreme Court.
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