May 4, 2017: Listed mining firms buck order vs. open pit operations

May 4, 2017: Listed mining firms buck order vs. open pit operations
 

At least seven publicly listed mining firms on Tuesday said a new order from the Department of Environment and Natural Resources (DENR) that bans future open-pit operations was against the Mining Act.

The companies were referring to DENR Administrative Order 2017-10 that Secretary Regina Lopez issued last April 27.

The order covers “open-pit method of mining for copper, gold, silver and complex ores,” but not quarry material.

The Philippine Stock Exchange asked listed firms to explain how this would affect their businesses, and none have so far said there was any expected effect.

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