Digging for profits: Who owns PH mines?


QUICK FACTS

Name of mining firm: Citinickel Mines and Development Corp.
Location: Narra, Sofronio Espanola, Palawan
Mining area: 2,176 hectares
Metals extracted/mine products: Nickel 
Nickel production (2020): 499,573 dry metric tons valued at P1,061,090,654
Mining permit period: 2007-2032

 

OWNERSHIP

Incorporation date: May 6, 2006

Stockholders:
Pallera, Ferdinand M.
Fabella, Jose Marie E.
De Regla, Miguel D.
Radaza, Kenneth C.
Cabahug de Leon, Reynilda C.
Oriental Peninsula Resources Group Inc.
King Grown Group Limited
Olympic Mines & Dev. Corp.

Chairperson of the Board: Pallera, Ferdinand M.

 

MINING REVENUE 

Current assets: P1.62 billion (2019)
Current liabilities: P266.95 million (2019)
Total revenue: P366.49 million (2019)
Revenue from sale of nickel ore: P363.63 million (2019)
Net income: -P469.98 million (2019)

 

STATUS OF OPERATIONS

On Feb. 8, 2017, the Department of Environment and Natural Resources (DENR) issued an order suspending the mining operations of the Citinickel due to violations of certain provisions of Republic Act 7942 or the the Philippine Mining Act of 1995 and its revised implementing rules and regulations.

The company filed an appeal before the Office of the President on March 1, 2017.

According to the Mines and Geosciences Bureau, the company is allowed to ship ores after posting a surety bond, despite the suspension.

 

COMMUNITY PROFILE

Municipality class of mining location: Narra, Palawan (1st class)
Population: 73,212 (2015)
Poverty incidence rate: 18.3% (2015)
Human Development Index: 0.55 (2012, provincial)
Indigenous peoples living within or near the mining location: Tagbanua
Municipality class of mining location: Sofronio Espanola, Palawan (2nd class)
Population: 32,876 (2015)
Poverty incidence rate: 30.4% (2015)
Human Development Index: 0.572 (2012, provincial)
Indigenous peoples living within or near the mining location: Tagbanua

 

IN THE NEWS

Citinickel fined for pond spill in Palawan
Palawan mining firm operating despite suspension order, says NGO

 

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.