A major gold mining project in the Philippines is set for official review, with a public hearing scheduled for later this month.
Golden River Mining Corp., a local company led by Bulacan politician Ricardo Silverio Jr., has submitted a proposal to develop a P2.67-billion (approximately $48 million) gold mine in Paracale, Camarines Norte.
The company claims the project would boost local government revenues, create jobs, and spur regional economic development through new infrastructure and utilities. In a filing with the Department of Environment and Natural Resources' Environmental Management Bureau (EMB), Golden River stated the mine would "strengthen the national currency by increasing the value of total exports when gold prices rise."
"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," the company said in its EMB filing.
The EMB has scheduled a public hearing in Paracale on April 23 to review the project's environmental impact statement and gather community feedback.
The proposal leverages the Philippines' status as a global mineral resource leader—the country holds the world's third-largest gold reserves and fifth-largest overall mineral reserves. Golden River Mining, registered in 1968 and based in Makati, holds permits for mineral resources across 321.46 hectares in Barangays Tugos, Tawig, and Casalugan.
Several other mining firms, including Benguet Corp. and Base Metals Minerals Resources, have also expressed interest in exploring the same site.