Digging for profits: Who owns PH mines?


QUICK FACTS

Name of mining firm: Platinum Group Metals Corp.
Location: Claver, Surigao del Norte
Mining area: 4,376 hectares
Metals extracted/mine products: Nickel
Nickel production (2020): 2,528,162 dry metric tons (direct shipping ore) valued at P5,045,502,273
Mining permit period: 2016-2042 (renewed)

 

OWNERSHIP

Incorporation date: Feb. 19, 1983

Stockholders:
Global Ferronickel Holdings Inc.
Agsalon, Juan A.
Sy, Joseph C.
Bravo, Dante R.
Lazaro, Noel B.
Paredes, Ceferino Jr. S.
Chua, Francis C.
Matilac, Carlo A.
De los Santos, Cymbelly
Ng, Kirby Erin C.
Nevado, Mario A.

Chairperson of the Board: Sy, Joseph C.

 

MINING REVENUE 

Current assets: P1.53 billion (2019)
Current liabilities: P892.92 million (2019)
Total revenue: P6.10 billion (2019)
Revenue from sale of nickel ore: P6.10 billion revenue from contracts with Chinese customers (2019)
Net income: P1.03 billion (2019)

 

STATUS OF OPERATIONS

In February 2017, then Environment Secretary Gina Lopez ordered the closure of Platinum Group Metals Corp. and 22 other mines. No new update on the status of the company’s mining operations could be found. The results of a review by the Mineral Industry Coordinating Council have yet to be released as of writing.

 

COMMUNITY PROFILE

Municipality class of mining location: Claver, Surigao del Norte (2nd class)
Population: 32,773 (2015)
Poverty incidence rate: 34.28% (2015)
Human Development Index: 0.51 (2012, provincial)
Indigenous peoples in the area living near the mining area: Mamanwa

 

IN THE NEWS

Global Ferronickel suspends Surigao del Norte mining
Mining despoils Surigao del Norte

 

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.