Digging for profits: Who owns PH mines?


QUICK FACTS

Name of mining firm: Lepanto Consolidated Mining Co. Inc.
Location: Itogon, Benguet
Mining area: 1,829.36  hectares
Metals extracted/mine products: Gold, copper
Mineral production (2020): 414 kilograms of gold valued at P1,188,355,358; 1,338 kilograms of silver valued at P46,409,045; and 2,173 dry metric tons of copper concentrate valued at P42,246,089
Mining permit period: 2000-2025
Total manpower complement: 1,832 mine-based; 61 Makati-based

 

OWNERSHIP

Incorporation date: Sept. 8, 1936
Stock market listing date: April 30, 1947
Total public ownership: 84.64%
No. of stockholders: 27,252
Chairperson of the Board: Yap, Felipe U.

 

MINING REVENUE 

Current assets: P1.84 billion
Current liabilities: P1.99 billion
Total revenue: P2.05 billion
Revenue from sale of gold and silver bullions: P435.37 million
Net income: -P1.03 billion

 

STATUS OF OPERATIONS

Despite Secretary Gina Lopez’s closure order, Benguet Corp. continued operations after filing an appeal with the Office of the President. Read PCIJ’s full story here.

 

COMMUNITY PROFILE

Municipality class of mining location: Mankayan, Benguet (1st class)
Population: 35,953 (2015)
Poverty incidence rate: 9.3% (2015)
Human Development Index: 0.88 (2012, provincial)
Indigenous peoples living within or near the mining location: Teeng di Mankayan

 

IN THE NEWS

Philippine mines continue unhampered 4 years after Gina’s shutdown order
Lopez suspends, closes several mines in environment crackdown
Lepanto defends mining operations in Benguet

 

Sources:

Lepanto Consolidated Mining Company financial statement (2019)
Lepanto Consolidated Mining Company annual report (2020)
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.