Nickel miner pays stock dividends

ZAMORA-LED Taganito Mining Corp. has hiked its authorized capital by more than three times to P2 billion to pay investors their share in the company’s profits, documents from the Securities and Exchange Commission (SEC) showed. Of the new shares, P850 million were issued as…

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Philex Mining output down

THE MINERAL output of Philex Mining Corp. dropped by 7.5% last month, the listed miner told the stock exchange yesterday. Philex Mining, the country’s largest miner, said output stood at 663,762 dry metric tons (MT). It produced 272,457 grams of gold, 1.201 million kilograms…

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Miner gets $1M bridge loan

Canadian miner MBMI Resources, Inc. has secured a $1-million loan from a European bank to fund nickel exploration projects in southern Luzon and eastern Visayas. "[Global Capital Corp.] has advanced $1 million to MBMI in the form of a secured two-year convertible debent…

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RP geohazard map completed next year

THE GOVERNMENT expects to complete its nationwide geohazard mapping by the middle of next year, the Environment department said in a press release yesterday. "In the wake of a series of typhoons we are experiencing right now, which definitely have increased their intens…

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Graft charges against Cong. Matugas junked

THE SANDIGANBAYAN has junked graft charges against an incumbent congressman and seven others on alleged anomalous purchases of medical supplies worth P3.28 million. In a 51-page resolution promulgated on Aug. 4 and penned by Associate Justice Alexander G. Gesmundo, the court…

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Rehab of three Zamboanga airports completed by yearend, Surigao by 2010

Zamboanga City - Rehabilitation of the three main airports in Zamboanga Peninsula is expected to be completed at the end of the year, the Mindanao Economic Development Council (MEDCo) has said. This city’s international airport, along with those in Dipolog City in Zamboanga …

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Coverage for cash transfer program to expand next year

THE GOVERNMENT will expand the coverage of its conditional cash transfer program next year beyond the poorest provinces in the country and increase the number of beneficiaries. Vilma B. Cabrera, DSWD assistant secretary and head of the program’s management bureau, said yeste…

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RP to get €170-M loan from French government to build modular ports

MANILA is set to get its loan from the French government anytime this month to build dozens of modular ports all over the country, but Malacañang will have to decide where to place these facilities. Philippine Ports Authority general manager Oscar Sevilla said they expect th…

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Philex output up

THE MINERAL output of Philex Mining Corp. increased by a third to 750,617 dry metric tons in June from the month before, the listed miner told the stock exchange yesterday. The Padcal mine in Benguet produced 366,874 grams of gold, 1.431 million kilograms of copper and 352,…

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Miner set to explore Surigao nickel site

CANADIAN MINDORO Resources, Ltd. will start exploring its gold, copper and nickel mine in northern Mindanao in the third quarter, a company official said in a report to officials of the Mines and Geosciences Bureau (MGB) late last week. The miner will spend $300,000-$500,000…

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13 interested in coal projects

THE DEPARTMENT of Energy has received 13 proposals for over a half of the areas it had offered for the Philippine Energy Contracting Round (PECR) 2009 for coal which closed last Monday. Undersecretary Ramon V. Oca said the proposals were submitted by 13 companies. The contrac…

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Seven provinces tagged to benefit from A$100-M road rehab assistance

SEVEN PROVINCES have been selected to benefit from a A$100-million (P3.8-billion) road maintenance and rehabilitation assistance from the Australian Agency for International Development (AusAID). In an interview yesterday, Rosalina D. Ilaya, project manager for Provincial Ro…

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Changes sought to facilitate municipality conversion

Interior Secretary Ronaldo V. Puno is pushing for a review of the Local Government Code, particularly the internal revenue allotment (IRA) provision, to facilitate the conversion of towns to chartered cities. Mr. Puno said the upgrading of towns to cities have an impact on r…

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Sumitomo-led nickel venture to invest $3B

JAPAN’S SUMITOMO Metal Mining Co. Ltd. and local holding firm Nickel Asia Corp. will put up a $3-billion nickel ore processing plant in northeastern Mindanao next year. The joint venture partners will operate the nickel processing plant by 2013, Rogelio G. Cadano, technical …

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Miner to spend P35 billion in Mindanao project

A MINING venture led by Australia’s Red 5 Ltd. will invest P3.5 billion to start commercial operations in a gold mine in northern Mindanao, company officials said late Tuesday. The mining permit holder Greenstone Resources Corp. will develop the 2,023.74-hectare Siana gold m…

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Philex output down

THE MINERAL output of listed Philex Mining Corp. dropped by almost a tenth last month to 648,481 dry metric tons from 705,607 in March, the miner told the Philippines Stock Exchange yesterday. Philex Mining produced 340,283 grams of gold, 1.330 million kilograms of copper a…

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Surigao mine on hold, says Manila Mining

LISTED MANILA Mining Corp. will wait for economic conditions to rebound before moving forward with its gold and copper mine in Surigao del Norte, the head of the company said yesterday. "[The Kalayaan mine] is on hold and so far we have not done anything at the moment,&…

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Oil firms cut prices before Lenten break

HOLY WEEK break travelers have been given a reprieve after oil companies announced pump price cuts effective yesterday and today to reflect lower crude oil rates. In separate text messages, Pilipinas Shell Petroleum Corp., Chevron Philippines, Inc., Total Philippines Corp. a…

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Nickel producer eyeing switch to other minerals as prices drop

LOCAL NICKEL processor Platinum Group Metals Corp. is looking at venturing into manganese and chromite given the dampened demand and prices of nickel, a company official said. "We are seriously considering multi-alloy production like ferro-manganese or ferro-chrome just…

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GMA yacht to convert into a relief and rescue ship

Pesident Gloria Macapagal-Arroyo wants to convert her personal yacht into a relief and rescue ship of the Philippine Navy. Navy flag officer-in-command Vice Admiral Ferdinand Golez yesterday said the President ordered that the ship be used to transport cargo and personnel t…

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