BY LEANDER C. DOMINGO
QUEZON, Nueva Vizcaya (April 23)—A London-based mining company here has remitted more than P393.24 million in taxes to national and local governments.
James Carmichael, FCF Minerals Corporation country manager, said the amount of P42,640,501.66 in local taxes is expected to boost this municipality’s economy amid the pandemic.
Carmichael added that the local taxes remitted to the municipal government here pertain to local business tax, mayor’s permit and other regulatory fees for the first and second quarters of 2021.
For 2020, he said, FCF remitted a total of P350.6 million to the national and local governments.
“This effort of the company has been a great factor for the municipality of Quezon to be recognized for their tax collection efficiency,” Carmichael noted.
He cited data published by the Bureau of Local Government Finance in their official Facebook page (@blgfph) and website www.blgf.gov.ph showing the municipality’s performance in tax collection.
Attributed to FCF’s consistent payment of taxes to the local government, Carmichael said, the municipal local government unit of Quezon was number one among all local government units across the country in collection efficiency of locally sourced revenues for fiscal year 2019.
Owned 100 percent by the British Metals Exploration Plc, FCF operates the national government-sanctioned Runruno Gold-Molybdenum Project under a financial and technical assistance agreement (FTAA) with an initial validity of 25 years.
The FTAA gives FCF the right to explore, mine, utilize and transport the mineral products from the contract area.
Located around 300 kilometers north of Manila, FCF expects to produce at its mine site an estimated 1.3 million ounces of gold for 10 years.
FCF feasibility study showed the project has the potential to mine an average of 96,700 ounces of gold per year in 10 years of the mine life at an average operating cost of $477 per ounce.
Carmichael noted on top of the tax payments, FCF has more than P47 million allocated funds for the implementation of the 2021 social development and management program to the host and neighboring communities, including Kasibu in Nueva Vizcaya and Diffun in Quirino.