After settling PHP 24,579 in regulatory and other fees, Sagittarius Mines Inc. (SMI) secured its business permit for the multi-billion Tampakan copper-gold project in South Cotabato and is looking to begin construction before the year ends.
SMI battled a tax dispute with the local government of the City of Tampakan after allegedly having PHP 400 million in deficient taxes, which the Court of Tax Appeals (CTA) granted a preliminary ruling in their favor.
In a statement yesterday, SMI said they are geared up to begin the construction, including building the facilities needed by the firm to commence its operations in the last quarter of 2023 with the production of its copper concentrate in 2026 as primarily scheduled.
According to SMI Legal and Compliance Manager Stella Joy Segocio, the company has and always will comply with the law and will continue to comply with the law in all its projects.
Segocio also said this development is appreciated and stressed that when applying for their business permit, SMI did not commit any fraud or misrepresentation as a manufacturer.
In addition to honoring the Blaan Indigenous Peoples in the area, SMI has provided more than PHP 24 million in social investment projects this year such as high school and college scholarships, establishing health centers and conducting health programs, supplying water sources, emergency response, and livelihood assistance with the aim of supporting the development of its stakeholders and host communities.
Considered the largest undeveloped copper and gold mine in Southeast Asia, SMI’s Tampakan Project is anticipated to yield annually an average of 375,000 tons of copper and 360,000 ounces of gold in concentrate over the proposed 17-year life of the mine.
Meanwhile, the provincial board of South Cotabato declared the multiple provisions of Tampakan’s Revised Municipal Revenue Code of 2022 as “ultra vires and onerous”, which would have imposed new or increased business taxes on companies that are operating in Tampakan.
