It is about time for South Cotabato to reap the economic benefits from its Tampakan Project - BusinessWorld Online

June 19, 2022 | 6:19 pmbout 70 kilometers north of General Santos City is the site of the Tampakan copper project of Sagittarius Mines, Inc. . It has the potential of becoming one of the largest producers of copper in the world. According to its mining resource estimate in 2012, Tampakan has 2,940 million metric tons of resources, containing 15 million tons of copper.

However, prices of copper in January for July delivery dropped by 2.7% according to Mining.com due to these factors: a stronger US dollar and renewed concerns over global demand due to partial lockdowns in China. The Ukraine-Russia conflict is expected to have subdued impact on the global copper market. While Russia is a major producer, producing 4% of the world’s copper, 80% of it is sold to China.

A new hurdle developed with the South Cotabato provincial government issuing a ban on open-pit mining in the province in 2010. Extracting the ores in Tampakan requires open-pit mining, and thus the local government ban struck down Glencore’s hope to be the one to operate the Tampakan mining project. Hope of SMI, under its new all-Filipino owners and management, of getting a permit sprouted at the start of the administration of President Rodrigo Duterte. The President is from Mindanao, and operating the Tampakan project could induce economic development in the areas surrounding the mining site. That should have been a good incentive for the President to revisit the revenue-sharing hurdle to large scale mining of his predecessor.

SMI was hit with its most stringent regulatory risk problem in 2017 when the DENR under Secretary Lopez issued a ban to open-pit mining throughout the country. The national measure strengthened opponents to the Tampakan project in South Cotabato which earlier prohibited open-pit mining in the province.The regulatory pendulum swung in the other direction on Dec.

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