Login

 

DENR asks Rapu Rapu to set up P137-M rehab fund.

Byline: Melody M. Aguiba

The Department of Environment and Natural Resources (DENR) has ordered the Rapu Rapu Polymetallic project to come up with a P137 million rehabilitation fund in light of the company's financial rehabilitation.

"I am aware that proponents of the Rapu Rapu

mine have filed a petition for rehabilitation with the court. But let me emphasize that this does not excuse them from any financial, environmental, social, and legal obligations under their mineral production sharing agreement (MPSA)," said Atienza in a statement.

Atienza noted that the Mining Act of 1995 through its implementing rules and regulations mandate companies to ensure environmental and social safeguards specially during times when a mining company goes through financial difficulties.

The Rapu Rapu Minerals Inc. (RRMI), Rapu Rapu Processing Inc. (RRPI), and Lafayette Phils Inc. (LPI) filed last Feb. 6, 2007 a petition for corporate rehabilitation with the Pasig Regional trial Court for the conservation of its assets amid outstanding debts.

These companies claimed incurrence of debts upon cessation of copper and zinc operations in November 2005 after the cyanide spills in its plant in Rapu Rapu Island within the Bicol Region.

DENR ordered the companies to guarantee fund availability for the Monitoring Trust Fund which should have at least P150,000 per quarter for environmental monitoring use of the multipartite monitoring team.

It should also ensure funding of the Rehabilitation Cash Fund which is equivalent to 10 percent of the Environmental Protection and Enhancement Program. This is estimated at P5 million to be used for the progressive rehabilitation of the mine while mining is still on-going.

T T T
Print icon - email article Email this Article icon - digg  Digg It icon - del.icio.us  del.icio.us

Related Articles

  • TVI of Canada taps independent team to evaluate mining impact.
    • Byline: MELODY M. AGUIBA Canada-based TVI Pacific Inc. (TVI) has tapped an independent team to evaluate its Canatuan gold-silveras human rights projects in an aim to strengthen its social-economic programs including those for expansion sites that will extend the mineas ......
  • Gov't urged to allow Rapu Rapu mine test run.
    • Byline: MELODY M. AGUIBA The government should allow a test run of the Rapu Rapu mine as Lafayette Phils. Inc. (LPI) already spent P400 million in remediation based on government orders, or further delays on its operation will drive investors ......
  • Dominguez vows solution to mining woes.
    • Lafayette Philippinesa new head met with the companyas supporters and critics in Albay and Sorsogon early this week to find out first-hand the concerns of the communities hosting its Rapu Rapu project and how to address them properly. Last Tuesday, ......
  • Mining safeguards.
    • Byline: Willie N Ng THE administration, instead of swiftly yielding to the demand of the Catholic Church to wipe out the mining industry, should reject it on principle. Mining activities may harm the environment, but there are ways to minimize ......
  • Australia's mining subsidiary resumes operations in Rapu-rapu.
    • SYDNEY (Reuters) - Australia's Lafayette Mining Ltd. said on Thursday it will resume mining on a remote island in the Philippines three months after the government suspended operations due to toxic spills, driving its stock 18 percent higher. Lafayette also ......
  • Lafayette forced to halt operations at Rapu-Rapu mine again.
    • SYDNEY (XFN-ASIA) - Lafayette Mining said it has halted operations at its Rapu-Rapu mine in the Philippines after a temporary government operating license expired. The Australian-listed company said results from mine operations over a trial run have demonstrated the mine's ......
  • Ban on lucrative mining ventures nixed.
    • Byline: GENALYN D. KABILING Malacanang yesterday ruled out a ban on lucrative mining ventures in the country but promised anew to enforce stringent environmental standards for sustainable development. Press Secretary Ignacio Bunye said it would be a disservice to the ......
  • Rapu-Rapu mine operations suspended.
    • Government mining officials yesterday ordered the suspension of a US$42-million flagship project funded by Australian and Korean investors after cyanide-laced waste spilled last month and killed fish. Rapu-Rapu Processing Inc. was ordered to indefinitely suspend its operations at the mine ......
  • Priority mining exploration projects trimmed to keep focus.
    • Byline: MELODY M. AGUIBA The government has trimmed down to 18 its priority mining exploration projects to build up focus on investments in active exploration sites even as it seeks to lure more global investments in an ongoing mining roadshow ......
  • Second group shows interest in acquiring Lafayette Mining.
    • Another investor group is looking at acquiring majority control of Lafayette Mining Ltd (LML) following a stall in the negotiations with the previously announced Cornerstone Investor. David Baker, managing director of LML, said he had been informed by the Southeast ......
  • Rapu Rapu mine to reopen on February 5.
    • Australia's Lafayette Mining Ltd. may be allowed to reopen its Rapu Rapu mine on Feb. 5, more than a year after its closure due to two cyanide spills, a government official said. Horacio Ramos, head of the government's Mines and ......
  • New team formed to decide on Rapu Rapu test run.
    • Byline: MELODY M. AGUIBA The Department of Environment and Natural Resources (DENR) has appointed another team of volunteer experts to help validate its recommendation on whether to allow a test run of Rapu Rapu's copper-zinc mine. DENR Undersecretary for Mining ......
  • CBCP statement on mining issues and concerns.
    • O not defile the land where you live and where I dwell" (Num. 35:34) Sisters and Brothers in Christ: We are Pastors. We listen to the voice of the flock and take care of them. In our task to care ......
  • Around The Nation.
    • Nasecore bid opposed The largest Northern Luzon-based consumer group recently expressed concern over the possible weakening of a united front against planned electric power rate hikes amid reported plans by a Metro Manila-based non-government organization to enter the power distribution ......
  • Lafayette set to resume operations.
    • Australia's Lafayette Mining Ltd. is preparing for commercial copper and zinc production at its shuttered Philippine gold mine when it reopens the facility after a test run, a government official said. The preparations may lead to a third extension of ......

Related Topics

Subject: 
Industries: 
Site Map | Contact Us | About Us

Copyright © 1999 - 2009 AllBusiness.com Inc. All rights Reserved.
No part of this content or the data or information included therein may be reproduced,
republished or redistributed without the prior written consent of AllBusiness.com.
Use of this site is governed by our Terms of Use Agreement and Privacy Policy.

© Copyright 2009 The Gale Group, Inc. All rights reserved.
© COPYRIGHT 2008 Manila Bulletin Publishing Corp.


You may not repost, republish, reproduce, package and/or redistribute the content of this page,
in whole or in part, without the written permission of the copyright holder.

Get In-Depth Company Information from Hoover's | Buy a D&B Credit Report | What is in Your Company's D&B Credit Report? | Online Business Database
Online Business Information | Email Marketing Lists | Sales and Marketing Solutions | Business Mailing Lists | AllBusiness.com