Mining operations in the country would need to undergo serious reform as only four out of 45 firms reviewed by the National Economic and Development Authority (NEDA) received excellent remarks.
In a Philippine Star report, NEDA released its Mining Industry Coordinating Council’s (MICC) review on large-scale metallic mining operations in the country when it was concluded that the majority of the mining operations here would either need minor or major reforms in order to guarantee compliance with existing laws and regulations in order to spark socio-economic development and ensure environmental protection.
The four operations were given excellent marks for future mining entrants including OceanaGold Philippines in Nueva Vizcaya, Cagdianao Mining Corp. in Dinagat Islands, and Rio Tuba Nickel Mining Corp. in Palawan, and Agata Mining Ventures in Agusan del Norte.
15 out of the 45 mining operations, meanwhile, need major reforms. Most of these were large mining operations in the CARAGA region.
Meanwhile, 24 firms were rated as needing “minor reforms.” Two mining firms, however, received a “poor” rating from the MICC.
The MICC review said that the nickel mining projects in Zambales and Loreto, Dinagat Islands would need to further examine their technical and environmental aspects. The companies were asked to review and consider increasing their environmental protection expenditures.
The review called the nickel companies to carefully balance its investments in socio-economic development with community development, as well as consider other forms of capital like renewable natural or manufactured capital that can be sustained beyond mine life.
Of the 45 firms reviewed by NEDA’s MICC, 27 of these are producing nickel, 11 are gold, five are copper, four are chromite, and two companies for magnetite. These companies are located across 17 provinces in 10 regions.
