AN ACT AUTHORIZING THE DEVELOPING, EXPLOITATION AND UTILIZATION OF MINERAL DEPOSITS IN THE SURIGAO MINERAL RESERVATION BY PRIVATE PERSON AND FOR OTHER PURPOSES.

WHEREAS, there is an urgent need to maximize the development
and utilization of mineral deposits in the Surigao Mineral Reservation in order
to take advantage of the increased world-wide demand for mineral resources;

WHEREAS, the immediate development of the Surigao Mineral
Reservation will substantially help the Government in the generation of
much-needed foreign exchange in the face of international economic recession
brought about by the energy crises;

WHEREAS, there is a need to modify and rationalize
Government policy in the development of the Surigao Mineral Reservation towards
giving more opportunity to private enterprises which are willing to take the
risk and can generate adequate technical and financial resources for mineral
development purposes.

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, toy virtue of the powers vested in me by the law, hereby decree as
follows:

SECTION 1. The provisions of Republic Act No. 1828 and any
law to the contrary notwithstanding, the President of the Philippines is hereby
authorized to allow the development, exploitation and utilization of the mineral
deposits in the Surigao Mineral Reservation and the processing and disposition
of the mineral that may be produced therefrom by any citizen, corporation or as
sociation qualified under the Constitution, for a period of not more than
twenty-five (25) years, renewable for another twenty-five (25) years.

SEC. 2. The grant of authority to develop, exploit and
utilize mineral deposits in the Surigao Mineral Reservation shall, for purposes
of this Decree, be issued by the Secretary of Natural Resources subject to the
approval of the President of the Philippines. The provisions of Commonwealth Act
No. 137 as amended, shall apply to the grantee only in so far as the fees and
taxes due the government are therein specified, the provisions of law to the
contrary notwithstanding.

SEC. 3. All laws, decrees, orders and proclamations, rules
and regulations inconsistent herewith are hereby repealed or amended
accordingly.

SEC. 4. This Decree shall take effect immediately.

Done in the City of Manila this 14th day of July, in the year of Our Lord
nineteen hundred and seventy-six.

			(Sgd.) FERDINAND E. MARCOS President of the Philippines
	By the President:
	(Sgd.) JACOBO C. CLAVE
		Presidential Assistant