Investors Hangout Stock Message Boards Logo
  • Mailbox
  • Favorites
  • Boards
    • The Hangout
    • NASDAQ
    • NYSE
    • OTC Markets
    • All Boards
  • Whats Hot!
    • Recent Activity
    • Most Viewed Boards
    • Most Viewed Posts
    • Most Posted
    • Most Followed
    • Top Boards
    • Newest Boards
    • Newest Members
  • Blog
    • Recent Blog Posts
    • Recently Updated
    • News
    • Stocks
    • Crypto
    • Investing
    • Business
    • Markets
    • Economy
    • Real Estate
    • Personal Finance
  • Market Movers
  • Interactive Charts
  • Login - Join Now FREE!
  1. Home ›
  2. Stock Message Boards ›
  3. Stock Boards ›
  4. Perpetual Industries Inc. (PRPI) Message Board

Philippine President Ends Nine-Year Pause on New M

Message Board Public Reply | Private Reply | Keep | Replies (0)                   Post New Msg
Edit Msg () | Previous | Next


Post# of 28
(Total Views: 207)
Posted On: 04/29/2021 5:53:39 PM
Avatar
Posted By: NetworkNewsWire
Philippine President Ends Nine-Year Pause on New Mining Projects

President R. Duterte of the Philippines recently lifted a ban on mineral agreements that had been enacted in 2012 by former President Benigno Aquino III. This move reopens a door to new mineral agreements and investments and will help increase revenues. It came after the resident signed Executive Order No.130, which revises section 4 of executive order No.79, which was ratified in 2012.

The Philippines is a major extractor of gold and copper, in addition to being the largest exporter of unprocessed nickel to the People’s Republic of China. The Mines and Geosciences Bureau notes that over a third of the country’s total land area has high mineral potential, with under 5% of the country’s mineral reserves having been extracted thus far.

The new order will allow the country’s government to enter into new mining project agreements, which will be subject to compliance with state regulations. In addition, it also permits existing mining contracts to be reviewed for possible renegotiations of the signing and terms of agreement. The executive order states that the Department of Environment and Natural Resources will also start reviewing existing mining agreements and contracts for potential renegotiation of terms and conditions, which should in all cases be agreed upon by both the mining contractor and the government.

Furthermore, it instructs the country’s Department of Environment and Natural Resources to draw up terms and conditions for the new mineral agreements that will maximize the government’s share and revenues from production. However, it has not reversed a ban on licensing new open-pit mining.

The director of the Mines and Geosciences Bureau noted that a few mining projects that hadn’t been approved will now be allowed to progress to the commercial extraction and development stages.

This move seems to have alarmed environmental activists, however; given the prior cases of environmental mismanagement, which led to Duterte warning miners to follow the environmental rules put in place in 2016.

In a press release, Alyansa Tigil Mina, an environmental advocacy organization in the country, commented on the government’s decision, noting that in the middle of the coronavirus pandemic and a crisis affecting the climate, profits and corporate interests had won over the benefits and the welfare of the people.

Earlier in 2018, the president had ratified the TRAIN Act (Tax Reform for Acceleration and Inclusive), under Section 48 of the country’s law. This led to the increase in the rate of excise tax on mineral products, quarry resources and minerals to 4%.

As better ways to extract and process minerals are sought around the world, many companies such Perpetual Industries Inc. (OTC: PRPI) have developed technologies addressing other the major concerns, such as the need to reduce the impact of vibrations in rotary equipment.

NOTE TO INVESTORS: The latest news and updates relating to Perpetual Industries Inc. (OTC: PRPI) are available in the company’s newsroom at https://ibn.fm/PRPI

Please see full terms of use and disclaimers on the MiningNewsWire website applicable to all content provided by MNW, wherever published or re-published: https://www.MiningNewsWire.com/Disclaimer




(0)
(0)




Perpetual Industries Inc. (PRPI) Stock Research Links


  1.  
  2.  


  3.  
  4.  
  5.  






Investors Hangout

Home

Mailbox

Message Boards

Favorites

Whats Hot

Blog

Settings

Privacy Policy

Terms and Conditions

Disclaimer

Contact Us

Whats Hot

Recent Activity

Most Viewed Boards

Most Viewed Posts

Most Posted Boards

Most Followed

Top Boards

Newest Boards

Newest Members

Investors Hangout Message Boards

Welcome To Investors Hangout

Stock Message Boards

American Stock Exchange (AMEX)

NASDAQ Stock Exchange (NASDAQ)

New York Stock Exchange (NYSE)

Penny Stocks - (OTC)

User Boards

The Hangout

Private

Global Markets

Australian Securities Exchange (ASX)

Euronext Amsterdam (AMS)

Euronext Brussels (BRU)

Euronext Lisbon (LIS)

Euronext Paris (PAR)

Foreign Exchange (FOREX)

Hong Kong Stock Exchange (HKEX)

London Stock Exchange (LSE)

Milan Stock Exchange (MLSE)

New Zealand Exchange (NZX)

Singapore Stock Exchange (SGX)

Toronto Stock Exchange (TSX)

Contact Investors Hangout

Email Us

Follow Investors Hangout

Twitter

YouTube

Facebook

Market Data powered by QuoteMedia. Copyright © 2025. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges).
Analyst Ratings & Earnings by Zacks. RT=Real-Time, EOD=End of Day, PD=Previous Day. Terms of Use.

© 2025 Copyright Investors Hangout, LLC All Rights Reserved.

Privacy Policy |Do Not Sell My Information | Terms & Conditions | Disclaimer | Help | Contact Us