By Cris Larano
MANILA--Sagittarius Mines Inc. secured a government
environmental-compliance certificate Tuesday clearing one obstacle
to developing the Philippines largest gold and copper mine.
The certificate for the Tampakan mine is conditional and
Sagittarius Mines still needs local government and other
state-agency permits, Environment and Natural Resources Secretary
Ramon Paje said in a statement.
Xstrata Copper subsidiary Sagittarius Mines took control of the
project in 2007. Other shareholders include Australia-listed
Indophil Resources N.L. (IRN.AU) and the Tampakan Group. Xstrata
Copper is a unit of Xstrata PLC (XTA.LN).
Construction of the Tampakan mine "could potentially commence in
2015, enabling commercial production in 2019," Sagittarius Mines
President Peter Forrestal said in a statement in December.
Environmental approval has been complicated by a ban on open-pit
mines in South Cotabato province.
The mine on the southern island of Mindanao will cost an
estimated $5.9 billion and is the largest mining development in the
country and covers towns in the provinces of South Cotabato,
Sarangani, Sultan Kudarat and Davao del Sur. The project covers
9,605 hectares and will produce annually about 375,000 tons of
copper and 360,000 ounces of gold over a 17-year period, according
to the company's website.
Write to Cris Larano at cris.larano@dowjones.com
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