Philex dam in wrong place, says ex-VP
The engineer who helped build the damaged waste storage facility of gold producer Philex Mining Corp. in Benguet said it was wrongly constructed along a drain area of the Agno River.
The engineer who helped build the damaged waste storage facility of gold producer Philex Mining Corp. in Benguet said it was wrongly constructed along a drain area of the Agno River.
It is the second mining disaster to occur in the country in seven months, putting the local mining industry under siege, but investors do not expect a prolonged suspension of operations of Semirara Mining Corp.’s Panian open-pit coal mine in Antique, given that the disaster was “not environmental” in nature.
Philex Mining Corp. voluntarily shut down its Padcal operations on Aug. 1, when an accidental discharge of water and sediment was discovered at its tailing pond in Itogon, Benguet province, amid heavy rains from Typhoon “Gener” (international name: Saola).
The government has indefinitely suspended the operations of the country’s largest gold mine after a waste spillage near a major river, officials said on Monday.
The Philex Mining Company has said reports indicating New People’s Army rebels attacked its compound in Compostela Valley were “false.” “Neither Philex Mining or its subsidiaries have any exploration or mining activity in the Davao Region,” said Rene Patangan, media affairs relations officer of the company in Surigao.
The widow of lawyer Benjamin Pinpin has cleared the current officials of state-owned Development Bank of the Philippines of allegations that they drove the former DBP lawyer into committing suicide, Senator Sergio Osmeña III said Tuesday.
A lawyer of former Trade Minister Roberto V. Ongpin refuted on Wednesday allegations of insider trading that cropped out in relation to the Senate probe of transactions conducted by the state-owned Development Bank of the Philippines (DBP) during the Arroyo administration.
Businessman Manuel Pangilinan may no longer be called by the Senate to explain his purchase of a bulk of Philex Mining shares since as a buyer, he cannot be held responsible for any insider trading that occurred within the company.
A letter from the Securities and Exchange Commission (SEC) detailed the circumstances that could prove that businessman Roberto “Bobby” Ongpin might have engaged in insider trading when he bought Philex Mining shares, a few days before he sold a big block of Philex shares to tycoon Manuel Pangilinan at an agreed price.
Is there a Big Man behind Roberto “Bobby” Ongpin? Sen. Sergio Osmeña, one of the senators probing the allegedly questionable loans granted by the Development Bank of the Philippines (DBP) to an Ongpin company during the Arroyo administration, said there was a pattern of multimillion-peso transactions that pointed to some form of “insider trading” that benefited Ongpin.
A private lawyer hired by Development Bank of the Philippines (DBP) to represent it in its case against businessman Roberto Ongpin on Wednesday denied that the bank was engaged in a “witch-hunt” against perceived friends of the previous administration. Zenaida Ongkiko-Acorda was reacting to Ongpin’s statement on Tuesday that the current DBP board of directors [...]
