logo-loader

RTG Mining welcomes Philippines move to lift nine year ban on new mining deals

Published: 11:36 16 Apr 2021 AEST

RTG Mining Inc -
RTG Mining is listed on the main board of the Toronto Stock Exchange and the Australian Securities Exchange.

RTG Mining Inc (ASX:RTG) (TSE:RTG) (OTCMKTS:RTTGF) has welcomed the Philippines Government’s move to lift a nine-year ban on new mining deals.

President Duterte has signed an executive order 130, which lifts the nine-year ban on granting new mining agreements to stimulate economic growth in the country including increased employment opportunities in remote rural areas (such as the Municipality of Labo in the Province of Camarines Norte, where the Mabilo Project is).

Investors have also welcomed the development with shares as much as 15% higher to A$0.195 intra-day while RTG's market cap is approximately A$108.7 million.

Pleased with support

Mt Labo Exploration and Development Corporation holds the company's high-grade development copper-gold asset, the Mabilo Project, which is permitted to proceed to development and operation.

Both companies are pleased with the show of support by the President and his Administration for the mining industry, with a clear message that mining, where done in full compliance with the Philippines Mining Act of 1995 and all other applicable laws and regulations, is encouraged by the Government.

RTG, through Mt Labo Corporation, continues to make solid progress in relation to the Mabilo Project.

Exciting new opportunities

RTG is focused primarily on progressing the Mabilo Project to start-up having recently received a mining permit for the project.

It aims to move quickly and safely to become a producing gold and copper company.

The company also has several other opportunities including the Panguna Project in Bougainville, which it remains committed to but during these uncertain times the primary focus is on advancing Mabilo.

RTG has an experienced management team, which to date has developed seven mines in five different countries, including being responsible for the development of the Masbate Gold Mine in the Philippines through CGA Mining Limited and its partner Filminera Resources & Development Corporation.

It also has some of the most respected international institutional investors as shareholders including Franklin Templeton, Equinox Partners, the Hains Family and Sun Valley.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

12 hours, 37 minutes ago