Digging for profits: Who owns PH mines?


QUICK FACTS

Name of mining firm: Libjo Mining Corp.
Location: Libjo, Dinagat Islands
Mining area: 4,226.27 hectares
Metals extracted/mine products: Nickel
Nickel production (2020): 253,403 dry metric tons (direct shipping ore) valued at P359,273,954
Mining permit period: 2007-2032

 

OWNERSHIP

Incorporation date: June 6, 2012

Stockholders: 
Zamora, Salvador II B.
Borra, Juan Fernando Merris
Zamora, Salvador III T.
East Coast Mineral Resources Co. Inc. Domestic Corp.
Pagauitan, Hilario G.
Hong Kong Yichen International Mining Ltd. Chinese Corp.
Wuquing Zhao
Yinghu Yang
Shuling Bi

Chairperson of the Board: Zamora, Salvador II B.

 

MINING REVENUE 

Current assets: P351.65 million (2019)
Current liabilities: P1.02 billion (2019)
Total revenue: P302.88 million (2019)
Revenue from sale of nickel ore: P303.18 million (2019)
Net income: -P25.31 million (2019)

 

STATUS OF OPERATIONS

In February 2017, the Department of Environment and Natural Resources (DENR) cancelled the company’s mineral production sharing agreement.
On Nov. 12, 2018, the DENR issued a resolution (1) partially granting the company’s motion for reconsideration on the 2017 cancellation; (2) suspending the operation of the company; and (3) directing the company to do the following:

a. correct all violations and deficiencies, including replacement planting in accordance with DENR Memorandum Order No. 2012-02 prescribing a uniform replacement ratio for cut or relocated trees; and
b. pay all fines and penalties immediately upon receipt of the resolution.

The company filed an appeal on the November 2018 order before the Office of the President.

 

COMMUNITY PROFILE

Municipality class of mining location: Libjo, Dinagat Islands (5th class)
Population: 17,760 (2015)
Poverty incidence rate: 43.56% (2015)
Human Development Index: No data available

 

IN THE NEWS

Mine closures, suspensions affirmed
14 mining firms still operating despite suspension order

 

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.