Most, if not all of the people involved or interested in Mining, know that the management and development of the 8,100 hectares Diwalwal Mining Reservation in Compostela Valley was assigned by the government to the Philippine Mining Development Corporation (formerly Natural Resources Mining Development Corporation), a 100% government-owned and controlled corporation (GOCC).
After five (5) years of PMDC's corporate existence, what has it accomplished so far?
PMDC (NRDC) concentrated its efforts during the first three (3) years in core drilling and other spade work (dewatering, repairing roads and tunnel, etc.) to find out for certain what's down there – and establish in certain terms the values of the mineral deposits – particularly its gold ores therein. After all, the biggest risk in mining is whether or not there are enough valuable minerals down under – and determine that the prospect is commercially viable. More than 91% of its capital seed money have been spent for this purpose, amounting to about PhP200 million.
EUREKA! Now it has been established that in the 779 hectares alone – there are more than enough minerals to start a commercially viable mining operations. And more than that, the 8,100 hectares could yield revenues for the government enough to pay its external debts/obligations, with some substantial money to spare to contribute to the national economy. A truly (not only figuratively) NATIONAL TREASURE!
Only about PhP500 million is needed to start the ball rolling – including the cost of the processin gmill (as estimated by the Planning Managers).
Even as this is being written, DBP has already approved a PhP450 million loan for this purpose. But to assure full operation and development of the entire (8,100) area, more local investors and financiers and needed.
In sum, Diwalwal project is now ready for FULL DEVELOPMENT. PMDC should not lose sight of its original Mission and Vision: TO MAXIMISE ITS EARNINGS FOR THE GOVERNMENT – and thus accelerate our country's ECONOMIC PROGRESS.
Thus, the DIWALWAL NATIONAL TREASURE ALONE WHEN PROPERLY DEVELOPED AND HARNESSED COULD VERY WELL REPLACE THE VAT LEVY WHICH IS PROVING TO BE TOO HEAVY A BURDEN TO THE PEOPLE, ESPECIALLY THE POOR!