Digging for profits: Who owns PH mines?


QUICK FACTS

Name of mining firm: SinoSteel Philippines HY Mining Corp.
Location: Loreto, Dinagat Islands
Area: 972 hectares
Metals extracted/mine products: Nickel
Nickel production (2019): 131,796 dry metric tons (direct shipping ore) valued at P212,692,886
Period of operations: 1991-2041

 

OWNERSHIP

Incorporation date: May 4, 2005

Stockholders: 
Orient Joyce Investment Ltd.
Zheng Zhenghao
Pan Wenliang
Huang Ningwen
Ty Tiao Hui
T-Mega Dynasty Holdings
Tang, Willie Lim
Dagdag, Aimee S. 
Dagdag, Daniel N. 

Chairperson of the Board: Pan Wenliang

 

MINING REVENUE 

Current assets: P107.77 million (2019)
Current liabilities: P17.13 million (2019)
Sales: P336.99 million (2019)
Net income: P13.37 million (2019)

 

STATUS OF OPERATIONS

In February 2017, then Environment Secretary Gina Lopez ordered the closure of 23 mines, including SinoSteel. 

According to an October 2017 Interaksyon report, SinoSteel was among firms in the Caraga region that had filed appeals and motions for reconsideration, which allowed them to operate in the meantime.

No update on the status of the mining operations could be found. The results of the Mineral Industry Coordinating Council review have yet to be released as of writing.

 

COMMUNITY PROFILE

Municipality class of mining location: Loreto, Dinagat Islands (4th class)
Population: 9,309 (2015)
Poverty incidence rate: 36.6% (2015)
Human Development Index: No data available

 

IN THE NEWS

Gina Lopez names 21 mining firms facing closure
15 mining firms in Caraga suspended by Lopez allowed to operate again

 

Sources:

General Information Sheet, 2020
Financial Statement, 2019
List of existing Mineral Production Sharing Agreements, Mining and Geosciences Bureau
Philippine Metallic Mineral Production, Mines and Geosciences Bureau
Poverty and socioeconomic indicators, Philippines Statistics Authority

 

Note: The Human Development Index is a measure of how well a country has performed, not only in terms of real income growth, but also in terms of social indicators that measure people's ability to lead a long and healthy life, acquire knowledge and skills, and have access to the resources needed to afford a decent standard of living. An HDI value below 0.550 is considered low and below 0.399 is very low. The national average for the Philippines is 0.718 as of 2020.

This article was produced with the support of Internews' Earth Journalism Network.