Digging for profits: Who owns PH mines?


QUICK FACTS

Name of mining firm: Oriental Vision Mining Philippines Corp.
Location: Tubajon, Libjo, and Cagdianao, Dinagat Islands
Mining area: 2,314.20 hectares
Metals extracted/mine products: Nickel
Mining permit period: 2007-2032
Total manpower complement: 205

 

OWNERSHIP

Incorporation date: March 4, 2008

Stockholders:
Eminent Fame International Ltd.
Borja, Ferdinand S.
Adnama Mining Resources Inc.
Lorenzana, Carmen
Crisologo, Allan L.
Tuyac, Ulfredo A.
Chen Fang

Chairperson of the Board: Chen Fang

 

MINING REVENUE 

Current assets: P120.52 million (2018)
Current liabilities: P271.09 million (2018)
Revenue from sale of ore: P135.95 million (2017)
Net income: -P104.23 million (2018)

 

STATUS OF OPERATIONS

In February 2017, former Environment Secretary Gina Lopez ordered the closure of 23 mines, including Oriental Vision Mining Philippines Corp.

According to an October 2017 Interaksyon report, Oriental Vision was among the firms in the Caraga region that had filed appeals and motions for reconsideration, which allowed it to operate in the meantime.

No update on the status of the mining company could be found. The results of a review by the Mineral Industry Coordinating Council have yet to be released as of writing.

 

IN THE NEWS

Lopez orders closure of 23 metallic mines
Dinagat village chiefs warn of bloodshed if mining enters their place
Mining industry in limbo

 

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.