DENR chief sets tighter screening of potential mining investors

DENR chief sets tighter screening of potential mining investors

By Katherine Adraneda
Publication Date: [Saturday, September 30, 2006]

The government will be implementing "stricter screening" for potential investors in the mining industry, Environment Secretary Angelo Reyes said yesterday.

Reyes said aspiring mining investors will have to be screened by a panel of environment officials and mining experts before engaging in any exploration or production activity.

He said mining investors would have to present before the panel their social and technical plans.

Reyes said the project presentations would enable the Department of Environment and Natural Resources (DENR) to determine the serious investors as against "speculators. "

He said the presentations would serve as basis for the approval of their applications to undertake mining activities in the country.

Potential investors trooped to the DENR central offices in Quezon City yesterday to present their technical plans for approval.

Among those scheduled to present their projects are foreign-owned firms and companies with foreign equity.

These include the MRL Gold Phils. Inc., which is 99 percent Canadian; Edgerton Gold Phils. Inc., 40 percent Australian; Buena Suerte Mining Corp., which is also 40 percent Australian; and an Anglo-American firm, Manila Mining Corp.

Other firms include Colossal Mining Corp., Hard Rock Trading Inc., TMC International Corp., Itawes Mining Exploration Co., Norweah Metals and Minerals Inc. and Ninety Niners Development Corp., which is 40 percent British.

One mining applicant is a Filipino identified as Epetacio Beltran.

"We want to have a clear view of the proponent’s credentials and track record, particularly their financial and technical capability to undertake responsible mining," Reyes said.

"But more than that, we want to be certain that the mining investors put a premium on their social responsibility as this is a requisite in their activities," he added.

The DENR said a total of 17 firms have applied for mining of gold, iron, chromite and other minerals in various parts of the country.

The permits cover mineral areas in Surigao del Norte, Batangas, Ilocos Sur, Cebu, Leyte , Misamis Oriental, Bulacan and Rizal.

Government estimated a total of P228.5 million will be spent by mining companies in the next two years for exploration.

"It is therefore vital that only companies which can afford the social and environmental costs of mining would be allowed to operate here," Reyes said.

He stressed that the economy would be the principal beneficiaries of the 17 mining projects.

Reyes pointed out the mining industry is among the top job generators in the country.