Gov’t to review P2.67-billion gold mining project in Camarines Norte
Golden River Mining Corp., a local firm led by Bulacan politician Ricardo Silverio Jr., has proposed to develop a P2.67-billion gold mine in Camarines Norte.
The proposed mining project in Paracale town is seen to increase the income of local government units and support community development through employment and income-generating activities.
“It would also spur local and regional economic development through the road infrastructure, utilities and other facilities that will be established within the mine site,” Golden River said in a filing at the Department of Environment and Natural Resources’ Environmental Management Bureau (EMB).
The EMB will conduct a public hearing on April 23 in Paracale to review the environmental impact statement of the proposed gold project. It aims to solicit feedback, concerns and suggestions.
The project seeks to ride on the Philippines’ status as a global leader in mineral resources. The country holds the world’s third-largest gold reserves and the fifth-largest overall mineral reserves.
The project proponent expects the Paracale Gold Project to boost government revenues through taxes and fees.
Registered in 1968, Golden River Mining is a Makati-based mining company that holds a permit to harness mineral resources in Barangays Tugos, Tawig and Casalugan, covering two parcels of land, where proposed project activities and mine facilities will be undertaken. The site spans 321.46 hectares.
Based on its previous filing in 2023, Golden River Mining is led by Silverio. He is the son of former Bulacan mayor Ricardo Silverio Sr., who founded the Delta Motors Corp.
Aside from Golden River Mining, other mining firms have signified interest in exploring the mine site, including Benguet Corp., Base Metals Minerals Resources, Placer Dome Philippines/Placer Philippines Exploration Ltd., Coral Resources Philippines Inc., Precious Metals Minerals and Development Corp. and Bulawan Mineral Resources Corp.
Golden River Mining said the project could strengthen the national currency by increasing the value of total exports when gold prices rise.
