Author Topic: Gold panning in the Philippines  (Read 246 times)

Offline Boupo

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Gold panning in the Philippines
« on: November 11, 2018, 04:52:00 AM »
Have travelled to the Philippines on and off for nearly thirty years. Was planning an extended break in the new year.

Having studied geology for a long time, thought would try a little gold panning in the rivers in the south ( research indicates untapped deposits) My question is, assuming I do make finds, where can I sell the gold? Assuming I cannot take out of the Philippines.

Offline Peter

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Re: Gold panning in the Philippines
« Reply #1 on: November 11, 2018, 12:57:58 PM »
Have travelled to the Philippines on and off for nearly thirty years. Was planning an extended break in the new year.

Having studied geology for a long time, thought would try a little gold panning in the rivers in the south ( research indicates untapped deposits) My question is, assuming I do make finds, where can I sell the gold? Assuming I cannot take out of the Philippines.

The Philippines' government legally requires all gold and silver which is mined (or otherwise discovered) to be declared and only sold to the relevant Government authority. As the law stands today that is the Bangko Sentral. (BSP).

Selling to non-licensed parties can/will result in stringent financial and custodial penalties, if you're caught.

If you want to go ahead, be aware that Filipino small scale miners in the area you are looking at, as well as any others who may be privvy to your scheme, may visit some violence upon your head if you don't cut them in.
And don't forget the various armed groups that operate in "them thair hills", that would love to have a foreigner's head on a stick.

Good luck with your plan.

Peter

Noli nothis permittere te terere.
Virtus autem corruptibilis est,
summa virtute prorsus corrumpitur,

Offline JoeLP

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Re: Gold panning in the Philippines
« Reply #2 on: November 12, 2018, 08:41:09 AM »
Gold mining in the Phils is a different game.  Two fellow foreigners here in my area "mine gold".  They never do more than buy the rights to mine an area.  Then they have locals that go do the actual panning.  They get a cut.  But that's it.  At least for this area.  The "palms were greased" in the buying of the mining rights concerning government and other parties. 
One of them has made money of this in a nice fashion.  The other one is making money, but not much so far.  He's paid for the investment...but not much more than that.  But he's still going forward as the pay to the miners is a share.
In the land of the blind, the one eyed man is king.

 


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