Philex Mining Corp. has asked the current government to provide a stable environment and to specify how companies in the industry can best comply with environmental, social, and governance (ESG) standards.
In a BusinessWorld report, Philex Mining said that a “stable business environment” will allow the mineral resource development of the country to thrive.
The Manny V. Pangilinan-led company added that it is hopeful for the “harmonization of national and local laws to avoid conflicts, and the promotion and reporting of environmental, social and governance best practices for resource development.”
Philex Mining further emphasized that responsible and sustainable mining can potentially contribute to economic growth and national development.
The country’s value for key mineral reserves in 2021 was recorded at Php378.04, data from the Philippine Statistics Authority said. However, the National Economic and Development Authority (NEDA) and Mining Industry Coordinating Council (MICC) said in its recent review that the majority of the mining operations in the country need to undergo serious reform.
Philex Mining earlier conducted its stock rights offering on July 12. Proceeds of its SRO will be used for the capital expenditures and development costs of the Silangan copper and gold project in Surigao del Norte.
