Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
The company behind a large copper-gold mining project in the Phillipine province of South Cotabato is cautiously optimistic that a mining ban imposed last year will be overturned. GMA News reports:
A large-scale mining company on Sunday expressed optimism that the South Cotabato provincial government will lift its ban on open-pit mining and allow the $5.2-billion Tampakan copper-gold project to proceed by 2012.
Sagittarius Mines, Inc. (SMI) made the statement as its petition to withdraw the ban – which former South Cotabato governor Daisy Fuentes imposed last year – has moved up to the provincial council’s final review.
The current governor of South Cotabato, Arthur Pingoy, told Reuters last week that a review of the ban is possible, but with a slim chance it would be overturned.
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