Sale and Disposal of Newly Mined Gold
- Newly mined gold produced, whether as a principal product or a by-product, may be sold either:
- To the Government through the Central Bank in the form of refined gold at the current official price per ounce plus assistance as provided by the law.
- In the domestic free market without the benefit of government assistance.
- Gold producers have the discretion to choose the method of sale.
- However, at least 75% of all newly mined gold from each mine must be sold to the Government under this Act.
- Mines producing gold as a by-product are entitled to receive assistance only if they qualify as mines over the marginal classification.
Exclusion of Mines from Assistance
- The governing Board has discretionary authority to exclude any mine from the benefits of this Act.
- Exclusion may occur after due hearing if a mine is found to practice discrimination regarding matters such as salaries, wages, and management against Filipino technical personnel, employees, and laborers.
Extension of Effectivity of Assistance
- The direct short-term assistance provided by the Act is extended and shall remain effective until July 18, 1957.
Effectivity of the Amending Act
- The amendments effected by this Act take effect immediately upon approval, which was on June 16, 1956.