Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Three mining companies in the Philippines have been raided by over 200 heavily-armed communist rebels, Forbes.com is reporting. The rebels burned heavy equipment, disarmed guards and briefly held people, according to officials.
Tagnito Mining Corp. — owned by Nickel Asia Corp., the largest nickel producer in the Philippines — was forced to temporarily halt operations. But a statement by the presidential executive secretary said foreign and Filipino employees are safe and that the attack should be treated as “an isolated incident.”
2 Comments
Dan Oancea
Some say exploration is a high risk business/investment. Well, invest in some of these mines (mines not exploration) and you could get burned. Whenever/wherever there is some sort of low level insurgency going on the local govt would claim that everything is just fine – which most of the time is not the case.
In Philippines there are at least three types of jungle rebels: Commies/Maoists, some unhappy Muslims and ‘freedom fighters’. You pick which one you ‘d like to meet in the jungle … They’re not all over the place but restricted to some provinces/places. If you’re an exploration geologist inquire first and see/check out where they want to drop you from an helicopter and sign later if you still want the job.
OracleOne
Maybe those asians ruling that part of asia as part of their asian empire would not have been so bad after all?