Tampakan resource estimates upgraded

 More gold is found amidst the open pit mining-ban controversy.

""Even though the Tampakan deposit has already been acknowledged as world-class, the new information confirms its ranking as one of the most significant undeveloped copper-gold deposits in the world," Indophil CEO Richard Laufman was quoted as saying in the disclosure...

"The Environment department earlier this month returned SMI’s application for an environmental compliance certificate (ECC), claiming it could not act while the open pit mining ban issue remained unresolved.

"The matter has been raised as an example of inconsistent Philippine policies as national law does not specifically ban the practice. SMI has warned that the ban, since copied by other local governments, would turn off investors -- a position also adopted by foreign chambers and the mining industry.

"The Tampakan project, potentially the single largest foreign direct investment in the country with an estimated capital requirement of $5.9 billion, is being opposed by the local Catholic Church and other groups over concerns that it would harm the environment, human health and food security."