MANILA, Aug 27: The Philippines’ Department of Environment and Natural Resources has approved an application by a company controlled by the president of food and drinks giant San Miguel for a large-scale mining permit, a senior official said on Wednesday.

The application by Agusan Petroleum and Mining Corp has been sent to the office of President Gloria Macapagal Arroyo for a final approval, the official said.

Agusan Petroleum, owned by San Miguel president Ramon Ang, has applied for a financial and technical assistance agreement (FTAA), a contract allowing 100 per cent foreign ownership of a mining project and is open to large projects with initial capital of at least $50 million.

The environment and natural resources department first approved Agusan’s FTAA proposal in early 2007, said Horacio Ramos, director of the Mines and Geosciences Bureau.—Reuters