The review by the Mining Industry Coordinating Council is now set to take six months instead of three, according to the Department of Finance.
Philippines Mining News
The Canadian miner says any contemplated amendments in a new mining code will not apply to Fekola without its consent.
The market intelligence firm says global nickel ore production growth will continue to accelerate in 2018 as major producer countries see a recovery in production levels following subdued output in 2017.
This is the ninth consecutive year the Canadian miner achieves record annual gold production.
Increased supply from Indonesia and subdued demand from China are the main drivers behind the downward trend.
President Rodrigo Duterte's decision not only ignores demands from pro-mining groups but also from members of his own government, including the current environment minister Roy Cimatu.
The Fekola mine will add up to 410,000 ounces of gold to the company's annual output.
Mines minister says will follow new recommendations of environment regulator reviving projects like giant Tampakan, Silangan copper-gold mines.
Lepanto was among more than two dozen companies ordered halted by a sacked minister who led an environmental crackdown.
Company said it expects production of between 50,000 and 55,000 ounces of gold from its new mine in south-western Mali to bring total metal production for 2017 to between 530,000 and 570,000 ounces of gold.
Roy Cimatu, who replaced ousted ecologist Regina Lopez in May, has said he would review evidence brought forward by mining companies and communities before deciding whether to keep, modify, or reverse his predecessor's measures.
Former minister Lopez had to leave the post after the same legislative panel that delayed Cimatu’s confirmation rejected her appointment.
Rodrigo Duterte said ban should remain in place given the environmental damage it causes, but noted he would give companies time to find alternative mining methods.
In an effort to receive more financial benefits from mining operations, the government's proposal will also require investors in the sector to get legislative approval before operating.
Environment and Natural Resources minister Roy Cimatu also said there was no rush to make decision on suspended, closed mines.
Philippine President Rodrigo Duterte said on Friday the country's mining industry pays too little in tax and not enough in compensation for any environmental damage.
The flow of Indonesian nickel ore to China has resumed after a three-and-a-half year break.
More supply will likely drag prices lower, as the metal already touched a one-year low of $8,680 per tonne on the London Metal Exchange last week and is down more than 10% this year.
Mothers will do everything to ensure a bright future for their children.
The new head of the environment office, Roy Cimatu, has however said he believed it was possible to balance mining and natural resources protection.
Congress decision puts and end to a 10-month tenure during which Regina Lopez ordered the closure of more than half the country's mines and banned open-pit mining.
Prohibition only affects planned mines, not the ones currently in operations, but it will take effect immediately.
Down nearly $800 since Monday as Indonesia ore exports return to market, Philippines rethink mine closures.
Should the government go ahead with all the recommended shutdowns and suspensions, global supply of nickel will drop by about 8%.
The price of nickel rose sharply last week as traders placed bets on supply pressures reverberating from a decision by the Philippines to close almost two dozen mines.