13:56:59 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Tiger International Resources Inc
Symbol TGR
Shares Issued 10,334,254
Close 2016-05-19 C$ 0.13
Market Cap C$ 1,343,453
Recent Sedar Documents

Tiger faces uncertainty in the Philippines

2016-07-22 21:58 ET - News Release

Mr. Patric Barry reports

TIGER INTERNATIONAL RESOURCES INC. WORK PROGRAM UPDATE

Recent political changes in the Philippines have impacted the mining industry in that country and have affected Tiger International Resources Inc.'s operations there, but the company does not know to what extent or for how long.

Presidential terms are for a single six-year term there, and the President seems to not like mining. His reported media statements are confusing and conflicting, and one should never make business decisions based on media reports.

What the company does know is that he had a critic in a strong environmentalist, who was critical of all forms of mining, but especially of large open-pit-style mining, so the President appointed her to be the Secretary of Mining. It has been common practice to strip copper and nickel orebodies and truck the ore to the coast, where ships would take it to China for processing, leaving behind the stripped area with no rehabilitation. This seems to be the practice that has offended the new administration. Her immediate act was to order closure of three nickel mines and then to suspend all permit processing and ordered staff to audit all mines and mining companies, taking them away from processing permit applications.

How does this impact the company? The company received a letter from the secretary ordering the company to cease operations, as did every company with any form of permit or licence there. The company complied and chose to lay off staff, continuing with a skeleton management crew. The renewal of EP006, which the company anticipated would have been reissued a few weeks ago, is delayed by this order so the company will await an outcome.

The government moves, while illogical, since they effectively shut down the mining industry temporarily, are stated to allow the government to review every mine's operations. The company cannot see how this can affect it long term because the company plans to rehabilitate its project at the end of its life, but it cannot predict what the new government might do. It is responsible that the company keep shareholders apprised and will do so when the company has some understanding and direction from the secretary.

© 2024 Canjex Publishing Ltd. All rights reserved.