Mercuria eyes equity in African assets, new metals boss says
“You will see us very present in Africa and putting our money where our mouth is in respect of the Copperbelt,” Kostas Bintas said.
The Philippines Congress forced Natural Resources Secretary Regina Lopez from her job Wednesday following mounting complaints from pro-mining groups hurt by her several measures aimed at decreasing the extraction of riches in the country to reduce environmental damage.
The lawmakers’ move comes only days after she toughened up her already hard-core stance on mining by banning open-pit operations.
During her 10-month tenure, Regina Lopez shut 28 of the country’s 41 mines, which is equivalent to 50% of the Philippines’ nickel output.
Since assuming the post in June last year, Lopez — a well-known ecologist — took aim at the mining industry, which she blames for environmental damage.
She began auditing all mining operations in the country shortly after her appointment, accusing miners of violating environmental laws, revoking permits and effectively shutting more than half Philippines’ mines.
“It is the constitutional right of every Filipino to a clean and healthy environment. It was a dream and a promise we had for the country and it is unfortunate that business interests have in fact run the day,” Lopez said, according to Reuters.
The ousted official was championed by environmental activists, religious groups and social justice organizations, some of whom rallied in her support outside the Senate building on Wednesday.
Despite that support and the backing from President Rodrigo Duterte himself, her dismissal is considered to be final as it is unusual for cabinet appointments in the Philippines to be denied confirmation.
“This is not the end, but rather the beginning of a new chapter for the mining industry,” the country’s Chamber of Mines said in a statement.
The Southeast Asian nation is the world’s top nickel ore supplier, so the 10-month crackdown on its mining sector has caused prices of the metal to spike at times. Nickel futures slumped on the London Metal Exchange more than 2% following the news of Lopez’s dismissal.
4 Comments
Raja
The story is same in almost every every developing country in the world..alas..!
Art Easian
Only prosperity can pay for environmental protection. Moderation in all things.
kumon cens
Lopez appear to be sincere in her beliefs but is ill-prepared to do the job. The cancellation of the MPSAs have no due process and the declaration of the “no open pit” policy is very arbitrary. The Philippines has sufficient laws and regulations for the mining industry. Unfortunately most of the regulators need training and they are underfunded. On top of this some mines take advantage of the situation and a lot of politicians are corrupt. A glaring example is Mt. Diwalwal which is estimated to contain 3 M oz of gold; this area is littered with illegal mines, operated by the NPA, military and political honchos. The government does not get any royalty, a lot of accidents and deaths and an environmental catastrophe (siltation, mercury and cyanide contamination and deforestation) is happening for more than 20 years; NOTHING IS DONE ABOUT IT.. If laws are applied properly, no mine in its right mind would violate. Large scale mining is a long term and a high risk investment. At least 10 years is needed to develop a mine including exploration. This is also an investment that directly affects the population in far flung areas. Investments of medium sized gold and copper mine is at least US$ 500 M and starts to see a profit at least 5 years after development.
Lord Man
I belive this man will start the next korean war in south africa if we continue down this path the tinfoil will deffinartely run out and will be doomed to repeat hte stam e mistakes as AGolf Hitman please listen to my words as if i was a goat on a mountain u r welcome