Located on the southern Philippine island of Mindanao in the municipality of Tampakan, is one of the world’s largest undeveloped copper-gold deposits.
Sagittarius Mines, Inc. (
SMI) holds a Financial and Technical Assistance Agreement (FTAA) with the Philippine government to explore, develop and operate the Tampakan mine. If the project is approved it has the potential to become the largest mine in the country and the fifth largest copper mine in the world.
The Tampakan Copper-Gold Project would be a significant source of revenue and employment.
Mark Williams, SMI general manager for Operations and External Relations, estimates the project could generate, on average, Php134 billion ($2.8billion) to Philippine GDP each year over the 20-year construction and operation phases. This is equivalent to an additional annual increase of 1% to Philippine GDP.
“The project has the potential to create opportunities for approximately 10,000 jobs at the peak of construction and more than 2,000 direct jobs when the mine commences operation. Engagement of local contractors and service providers will generate further substantial employment within the Philippines,” he says.
SMI’s investment goes beyond the Tampakan mine as social development programs provide support for infrastructure development, access to education and health facilities and services, safeguarding of cultural values, institutional capacity building, and enterprise development.
“If approved, this project would be a blueprint for ethical modern mineral development in the Philippines, including best-practices in resettlement programs, indigenous consultation, and environmental and social impact assessments, and provide an opportunity for sustainable economic development,” says Mr. Williams.
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