DOF finalizing Basay mining privatization

MANILA, Philippines — The Department of Finance (DOF) is now finalizing the actual valuation of the Basay mining project in Negros Oriental as the government ramps up the sale of its mining assets.

In a briefing, Finance Undersecretary for privatization Catherine Fong said one of the four mining assets of the government is ready for auction upon verification of the mine’s content.

“The cases were just concluded during the last administration so it was only recently that it got a clean title and the plan is to sell it as soon as possible,” Fong said.

“We are trying as fast as we can, but we are limited on the technical and the availability of experts in terms of the actual valuation,” she said.

However, Fong clarified that the government may also consider partnering with the private sector for the Basay copper mine, which stopped operations in 1983.

“We are looking at not just auctioning it outright, so we are asking development partners to assist us on some joint venture kind of thing,” Fong said.

“We are trying to package it in a more responsible way. We don’t want business as usual where we just sell the rights and then it’s up to you,” she said.

Basay is now the only mining asset that the government is ready to auction. Other mining assets are still under litigation and have pending cases.

The DOF’s Privatization and Management Office (PMO) earlier identified that mining assets for disposal include the Pacific Nickel Philippines Inc. in Surigao del Norte, North Davao Mining Property in Davao del Norte, Maricalum Mining Corp. in Negros Occidental, and Marcopper Mining Corp. in Marinduque.

Apart from mining assets, the DOF is also ramping up the sale of various foreclosed properties. Data showed that the government generated P1.65 billion from its privatization efforts last year.

“This year we are aiming more, at least double from 2022. There’s still a lot under the ownership of the government under the PMO,” Fong said.

These properties are under the government’s Asset Privatization Trust, the Board of Liquidators, as well as assets of abolished GOCCs.