Silangan Mindanao Mining Corp.
The Silangan Project, located in Surigao del Norte, consists of two deposits – Boyongan and Bayugo. The Project is registered with the Board of Investments (BOI) as a non-pioneer project entitled to four years of income tax holiday beginning 2017, extendable for another two years subject to certain conditions. In October 2016, the Project filed a request with the BOI on the movement of the start of the income tax holiday to the beginning of 2021. This request is currently pending with the BOI.
The Silangan Project tenements, consisting of the Boyongan and Bayugo deposits, are covered by MPSA-149-99-XIII and EP-XIII-013 Lot-B located in Surigao del Norte. In July 2016, MPSA-149-99-XIII was reduced to 2,332 hectares after relinquishing 677 hectares that are outside the mine development and maintenance plan. It also relinquished 6,934 hectares from its EP-XIII-013 as part of government prescribed requirement for exploration permit renewal. EP-XIII-013 is now reduced to 5,000 hectares from the previous 11,934 hectares.