Digging for profits: Who owns PH mines?


QUICK FACTS

Name of mining firm: OceanaGold Phils. Inc.
Location: Nueva Vizcaya and Quirino provinces
Mining area: 9,238 hectares
Metals extracted/mine products: Gold, copper
Gold production (2019): 2,651 kilograms valued at P5,951,556,739
Mining permit period: 1994-2019

 

OWNERSHIP

Incorporation date: July 24, 1996

Stockholders: 
Oceanagold (Philippines) Holdings Inc.
Holmes, Micheal Harvy Lou
Adaci-Cattiling, Joan D.
Way, David James
Flynn, Sharon Ann
Magdaong, Jason N.
Chairperson of the Board: Holmes, Micheal Harvy Lou

 

MINING REVENUE 

Current assets: P59.91 million (2019)
Current liabilities: P95.36 million (2019)
Net sales: P121.22 million (2019)
Net income: -P10.95 million (2019)

 

STATUS OF OPERATIONS

OceanaGold’s Financial or Technical Assistance Agreement (FTAA) expired on June 20, 2019. It filed a renewal application on Oct. 1, 2018. The Mines and Geosciences Bureau (MGB) forwarded the application to the Department of Environment and Natural Resources (DENR) on April 30, 2019. The DENR endorsed the application to the Office of the President.

On June 19, 2019, the Office of the President returned the application because it lacked the consent of the National Commission on Indigenous Peoples. 

On June 20, 2019, the MGB issued a letter to the DENR permitting Oceanagold to continue its mining operations pending the confirmation of its FTAA.

On the day of the FTAA expiry, the provincial government of Nueva Vizcaya issued a directive calling on local officials to “restrain any operations” by OceanaGold. This prompted OceanaGold to file court cases against the provincial government, including an injunction against a barricade. 

The regional court rejected OceanaGold’s request for an injunction, forcing the mining giant to take the ruling to the Court of Appeals.

The Court of Appeals dismissed OceanaGold's appeal to allow it to continue operating after its permit expired in June 2019.

 

COMMUNITY PROFILE

Municipality class of mining location: Didipio, Kasibu, Nueva Vizcaya (3rd class)
Population: 37,705 (2015)
Poverty incidence rate: 17.8% (2015)
Human Development Index: 0.66 (2012, provincial)
Indigenous peoples living within or near the mining location: Ifugao

 

IN THE NEWS

Environment group hits Oceanagold for operating without gov't contract
DENR gives OceanaGold mining operation permit
Philippine court rejects OceanaGold’s bid to keep mining on expired permit 

 

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.