Sagittarius Mines Inc. (SMI) is optimistic the Tampakan copper-gold project in Mindanao will finally be operational by 2026.
“We are continuously developing it and we have a timeline for that. We would like to have it maybe 2026 for us to really say that under technical definition, it is really operating. Because now, we have finished the pre-development and we are in the development, meaning we start construction of the facilities, early works, engineering, drawing and design confirmation,” Roy Deveraturda, SMI president and CEO, said.
He also said the enterprise is ready to operate and has all necessary permits and licenses from the national government for operating the project which has undergone several studies including exploration, feasibility, environmental impact, among others.
Some P32 billion has been spent for the project since 1995, P2 billion of which has been for corporate social responsibility projects and social development and management programs.
Deveraturda said the company needs at least three more years as the process is delicate and complicated that requires “big work and a lot of technical expertise and financial muscle” and not just a simple digging of the mine site.
The Tampakan copper-gold project straddles four provinces in Mindanao, including South Cotabato, Sarangani, Sultan Kudarat and Davao del Sur.
The mine prospect is said to be one of the largest undeveloped mineral deposits in Southeast Asia with estimated reserves of 15 million tons of contained copper and nearly 18 million ounces of gold or 375,000 tons of copper and 360,000 ounces of gold in concentrate annually.
The site has an estimated 17-year mine life.
