Australian firm eyes interest of Mt. Diwalwal’s Reservation
- Rhea Pascua
- Jan 17, 2018
- 2 min read
The Philippine Mining Development Corp. (PMDC) received an expression of interest from an unknown Australian firm as the first possible investor in the Diwalwal Mineral Reservation Area (DMRA) in Southern Compostela Valley as an 8,100 hectares mineral processing industry zone.
PMDC president and chief executive official (CEO) attorney Alberto Sipaco, Jr. said there were several foreign and local investors who expressed interest in developing the gold-rich mining area, but it was only this huge Australian mining firm, whom he declined to name yet, expressed serious intent to invest, Sipaco said during the Kapehan sa PIA on Friday, January 5.
“We have conducted negotiations and out of these negotiations, they are even willing to give commitment fee. Commitment fee serves just like a permit for them to come to Diwalwal and conduct the mining activity. They have even doubled their commitment fee. And they said that with the Victory tunnel to be developed and explored, they would even build a tunnel that is 6 meters by 6 meters and connect it with the municipality of Boston,” Sipaco said.
The series of negotiations between PMDC and the Australian mining firm that Sipaco did not name have resulted to several agreements such as the paying of commitment fee and building a tunnel, among others.
Sipaco also gave the assurance that the future generation will also benefit from this project as the area will be converted into a mineral processing plant and investors will be allowed to put up mineral processing plants.
As PMDC supports the government’s mining industry direction towards a more responsible mining and sustainable development, Sipaco also added that they also support the stopping of mining operation using mercury and cyanide. He said their partnership with Peza has the main objective of changing the image of
Diwalwal and making it attain moral ascendancy through responsible mining.
“This is going to be a mining legacy. For the area that is known to be the gold find of the century… It is here where responsible mining hinges on government policies,” he envisioned.