DAWN.COM

Today's Paper | November 08, 2024

Published 28 Aug, 2008 12:00am

Manila okays mining project

MANILA, Aug 27: The Philippines’ Department of Environment and Natural Resources has approved an application by a company controlled by the president of food and drinks giant San Miguel for a large-scale mining permit, a senior official said on Wednesday.

The application by Agusan Petroleum and Mining Corp has been sent to the office of President Gloria Macapagal Arroyo for a final approval, the official said.

Agusan Petroleum, owned by San Miguel president Ramon Ang, has applied for a financial and technical assistance agreement (FTAA), a contract allowing 100 per cent foreign ownership of a mining project and is open to large projects with initial capital of at least $50 million.

The environment and natural resources department first approved Agusan’s FTAA proposal in early 2007, said Horacio Ramos, director of the Mines and Geosciences Bureau.—Reuters

Read Comments

What is Project 2025 that is being linked with Donald Trump? Next Story