Does EO 79 frighten new mining investors?

President Aquino’s Executive Order No. 79 is a compromise which seems to leave neither side happy.  Shortly after it was signed, new investors announced delays in new projects.  Why? The EO stops the grant of new mining contracts until after legislative action on the Mining Act’s provision on the revenue scheme between the government and mining companies.  The catch: it’s unclear exactly when that will happen.  Philex Mining Corp., the country’s biggest gold producer, quietly announced that the start of production at its gold-copper Silangan project in Surigao del Norte has been moved later to 2017.  This follows an announcement by Swiss global Miner Xstrata and local partner Sagittarius Mines Inc that its target for commercial operations at its Tampakan mine in South Cotabato is delayed from 2016 to 2018.

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