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SMMCI hopes to develop the $2-billion Silangan copper-gold project that would replace the group's current biggest revenue source-Philex Mining Corp.'s Padcal mine in Benguet which is expected to end production life in 2022.
'Contrary to media pronouncements, we are confident Silangan's MPSA is valid and legal because it is not within any proclaimed watershed forest reserves or critical watersheds, where mining is prohibited,' SMMCI president Yulo E.
14, Lopez said she wanted one MPSA for SMMCI and four MPSAs for PGPI canceled.
As of May 2006, SMMCI was neither operational nor earning revenues.
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- SMM (disambiguation)