TVIRD to lose $448M due to open pit mining ban in Zamboanga

TVI Ressilica sand washing plantource Development stands to lose $448 million in revenue if the Canatuan copper-gold mine closes prematurely due to an open pit mining ban in Zamboanga del Norte.

The ordinance took effect on November 6 after its publication in local papers. It gave TVIRD one year to wrap up the Canatuan project. TVIRD said in a statement that it was challenging the ordinance in court for being “unconstitutional.” However, if the ordinance is fully effected and Canatuan closes in November 2012, TVIRD will lose four years’ worth of revenue amounting to $448 million, according to the company. The yearly gross revenue of the mine—located in Sitio Canatuan, Barangay Tabayo, Siocon, Zamboanga del Norte—was estimated at about $112 million, company data showed. TVIRD also said that a “great part” of the revenue would have been spent on operating cost, royalty to IPs or indigenous people and community development. The company also stands to lose $100 million in profit for...