|Project Details||San Roque Metals Incorporation (SRMI) started mining operations in Tubay since 2006, initially as a small-scale venture . On September 24, 2007, SRMI was shut down because “the company has exceeded its allowable annual production of 50,000 metric tons other than holding a small–scale mining permit R.A. 7076 (Small–scale Mining Act)” [g].|
As of November 2014, SR Metals Inc. (SRMI) holds two Mineral Production Sharing Agreement (MPSA) in Tubay, Agusan del Norte. One is MPSA nr. 261-2008-XIII, covering an area of 572.6400ha, for the exploration of Nickel, cobalt, iron and other associated mineral deposits. The MPSA was granted on March 10, 2008 and expires on March 10, 2033. The second one is MPSA nr. 305-2009-XIII, covering and area of 506.4100ha, for the exploration of nickel and other deposits, granted on December 23, 2009, with date of expiry December 23, 2034 . Total area of MPSA held in Tubay amount thus to 1079.05ha.
Nickel deposits of at least 30 million tons of validated ore were stated for one of the MPSA .
In 2010, MGB reported that SRMI had earned 2.9 billion PHP (over 60 million USD) during October 2008 – December 2009 .
In 2010, the company reported that SRMI’s mining equipment is able to move 100,000 tons of ore per day , which is beyond the legal limit for small-scale miners.
Philippine SRMI was largely owned by Caloocan Vice Mayor Edgar Erice and Miguel Alberto Gutierrez. Both are closely connected to President Aquino's party.
SRMI signed a Memorandum of Agreement (MOA) with the local indigenous tribes, represented by the Accredited Tribal Sectoral Leaders of Indigenous Cultural Communities of Tubay .
According to the 2010 population census, Tubay municipality has a population of 20,426 persons. Most directly affected are villagers from Barangay Fraternidad, with a population of 1,933 persons. Over 3000 people signed the petition against SRMI. The whole municipality and beyond carries negative impacts due to increased social tensions.
No information on investment size could be found so far; neither on financial institutions.