Silangan Mining launches new community corporation

Posted on July 18, 2017

TUBOD, SURIGAO DEL NORTE -- Silangan Mindanao Mining Corp., Inc. (SMMCI), a wholly owned subsidiary of Philex Mining Corp., recently turned over the management of its nursery and tree-planting activities to newly incorporated unit Bansiwag Corp.

A statement on Monday said this “initiative is aimed at further enhancing the company’s pro-environment activities as a separate corporate entity which pursues the effort on behalf of the whole Silangan group.”

“This community corporation, which was formally launched last June in Surigao City will take over the company’s nursery and tree-planting activities at our reforestation areas, as well as the office services, food catering, housekeeping services, and laundry services,” said Silangan President and CEO Yulo E. Perez.

The statement said that, from January to June, 227,462 seedlings that are equivalent to 131.85 hectares of reforested area have been planted with mahogany, narra, Palawan cherry, kamagong, molave, and lawaan.

Bansiwag Corp. was registered with the Securities and Exchange Commission last March 2017 with a total authorized capital stock of P600,000 divided into 3,000 shares with par value of P200 per share. To date, Bansiwag Corp. has a total of 297 stockholders composed of local residents.

“This community-based corporation is really a big opportunity for us local residents to manage a full independent business and become successful in the days to come. This is a great source of income for all of us and opportunity to further develop our business management and entrepreneurial skills,” Bansiwag Corporate President Cynthia T. Nambatac said.

SMMCI recently turned over to Bansiwag Corp. a P380,000 check to serve as initial capital.

The statement also quoted Roger de Dios, Regional Director for Mines and Geosciences Bureau-13, as saying, “This corporation will be under my watch as we will require all mining companies to prioritize livelihood and allocate at least 60% of SDMP funds for such.”

Provincial Board Member Melva P. Garcia was also quoted as saying, “I appreciate this opportunity for residents to become successful entrepreneurs not just workers of the company.”

SMMCI had earlier obtained an International Organization for Standardization certification (issued by the Philippine unit of Certification International) for environmental management system for its pre-mining development activities.

The Silangan project, expected to be operational by 2018, involves the development of Boyongan and Bayugo mineral deposits comprised of gold, copper, and silver.