Nov. 18, 2017: Atlas Mining losses doubled in 9 months

Nov. 18, 2017: Atlas Mining losses doubled in 9 months
 

Atlas Consolidated Mining and Development Corp. doubled its consolidated net loss for the first nine months of the year to P939 million from P470 million a year ago.

This includes the company’s P400 million provision for mark to market losses as copper price increased above the hedge price at the end of the third quarter.

In terms of operations, its wholly-owned subsidiary Carmen Copper Corp. milled 10.498 million tons of ore and produced 58 million pounds of copper metal year-to-date. These were lower than the 12.682 million tons milled and 77.1 million pounds of copper metal produced during the same period last year.

Read more: http://business.inquirer.net/240957/atlas-mining-losses-doubled-9-months#ixzz4yjd2eLRk
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Nov. 18, 2017: Samar residents ask DENR to renew land stewardship

Nov. 18, 2017: Samar residents ask DENR to renew land stewardship
 

RESIDENTS of a small island in Eastern Samar are urging Environment Secretary Roy Cimatu to renew their Certificates of Stewardship (COS) with the expiration of Hinatuan Mining Corp.’s (HMC) operation in the island.

Manicani, a very small but mineral-rich island off the coast of Guiuan town, was host to a nickel-mining firm which Mineral Production Sharing Agreement (MPSA) with the government has expired on October 28.
The island was among the hardest hit by Typhoon “Yolanda” in 2013.

The expired MPSA covers almost the entire island’s limited areas for further development after “Yolanda.” The Department of Environment and Natural Resources (DENR) has suspended mining operations since 2011 citing social issues and environmental concerns.

Nov. 18, 2017: MPIC sets P653-B capex for next 5 years

Nov. 18, 2017: MPIC sets P653-B capex for next 5 years
 

SYDNEY — Metro Pacific Investments Corp. (MPIC) will be setting aside P653 billion in capital expenditures for the next five years, as it continues to grow its toll roads business both in the Philippines and across the Southeast Asian region, as well as undertake projects under its power, water, hospital, and rail businesses.

The Philippine unit of the First Pacific group said the capex allocation from 2018 to 2022 forms part of its commitment to deliver high quality infrastructure projects that will take advantage of the Duterte administration’s “Build, Build, Build” program.

“(We) are very, very much focused on fixing fundamental challenges in society and with society’s infrastructure,” MPIC Chief Finance Officer David J. Nicol told reporters in a briefing here on Thursday.

Nov. 17, 2017: Semirara Mining spends half of P8B budget for plant rehab

Nov. 17, 2017: Semirara Mining spends half of P8B budget for plant rehab
 

THE SEMIRARA MINING AND POWER CORP. (SMPC) HAS CONSUMED MORE THAN HALF OF ITS P8 BILLION BUDGET FOR ITS THREE-YEAR UPGRADE PROGRAM OF ITS POWER PLANTS IN CALACA, BATANGAS.

SMPC said that P2.8 billion has been spent on the rehabilitation and life extension program under the Sem-Calaca Power Corp. (SCPC).

P2.2 billion worth of contracts related to the program were also awarded to different local and foreign suppliers.

The aforementioned are part of the three-year program until 2019 that has a budget of around P8 billion. It looks to up the generation capacity of both plants to 600-megawatts (MW) and extends its economic life by 20 to 25 years.

“Units 1 and 2 have been running for 33 years and 21 years, respectively. We are upgrading the equipment to get the reliability, performance, and efficiency needed to support our continuing commercial requirements,” SMPC president and COO Victor Consunji said.

Nov. 15, 2017: Global Ferronickel, Russian firm ink deal for processing ores | BusinessMirror

Nov. 15, 2017: Global Ferronickel, Russian firm ink deal for processing ores | BusinessMirror
 

GLOBAL Ferronickel Holdings Inc. (FNI) and Russia’s Vi Holding Llc. Manila recently signed an agreement for the implementation of joint business projects in the processing of lateritic ores.

The parties signed the agreement on Monday alongside the Philippines and Russia meetings in the framework of the 31st Association of Southeast Asian Nations Summit and Related Summits being hosted by the Philippines.

President Duterte and Prime Minister Medvedev witnessed the signing of the Memorandum of Cooperation and Partnership between FNI Chairman Joseph C. Sy and Vi Holding Board Chairman Valery N. Krasnov.

Nov. 15, 2017: First Pacific reviews operations

Nov. 15, 2017: First Pacific reviews operations
 

First Pacific Co. Ltd., a Hong Kong-based investment management and holding company with investments in Indonesia, Australia and the Philippines, is reviewing its regional portfolio to dispose assets that failed to meet target returns.

First Pacific managing director and chief executive Manuel Pangilinan said the conglomerate expected to complete the portfolio review by the end of the year.

“There are some transactions under in discussions already. Hopefully by the end of the year, we will have something,” Pangilinan said.

Nov. 1, 2017: DU30 should ban ‘tubong lugaw’ open-pit mining

Nov. 1, 2017: DU30 should ban ‘tubong lugaw’ open-pit mining
 

OPEN-pit mining can be best described as this. A “tubong lugaw“ operation that involves gouging the earth for minerals. The ruined land—a place ruined for life—is deserted hurriedly after the virtual theft of the wealth of the patrimony. No life will regenerate in those ruined, mined places for a million years.

In Mr. Duterte’s Mindanao, open-pit mining has created vast swathes of non-redeemable wastelands.

We do not know which of the two is worse—narco-politics or open-pit mining operations by well-connected companies and individuals. By the reckoning of environmental scientists, open-pit mining is worse as it eviscerates Mother Earth, and its human inhabitants, on the scale of Armageddon.

Nov. 1, 2017: FNI completes 2017 nickel ore shipment

Nov. 1, 2017: FNI completes 2017 nickel ore shipment
 
http://www.manilatimes.net/fni-completes-2017-nickel-ore-shipment/359749/
 

GLOBAL Ferronickel Holdings, Inc. (FNI) has completed its 2017 nickel ore shipments, recording higher volume shipped compared to 2016 and 2015.

FNI told the Philippine Stock Exchange its subsidiary Platinum Group Metals Corporation has shipped 5.97 million wet metric tons (WMT), or 109 vessels of nickel ore, in 2017 versus the 4.3 million WMT shipped last year and the 5.35 million WMT shipped in 2015.

FNI said the mining season this year ran from March to October.

Oct. 27, 2017: Nickel Asia expects to end 2017 with better earnings than last year

Oct. 27, 2017: Nickel Asia expects to end 2017 with better earnings than last year
 

Nickel Asia Corp. (NAC), the country’s largest producer of lateritic nickel ore and one of the largest in the world, is expecting to end 2017 with better earnings after a steep fall of 3.4 percent last year.

Without mentioning any figure, NAC president and chief executive officer Gerard Brimo said the company’s third quarter earnings will be “better” on the back of higher nickel prices globally.

Oct. 27, 2017: Protesters hit mine operation on Samar island

Oct. 27, 2017: Protesters hit mine operation on Samar island
 

Tacloban City – Anti-mining protesters held a rally outside the Department of Environment and Natural Resources (DENR) regional office to denounce the renewal of the permit of a nickel mine in Manicani Island, Guiuan, Eastern Samar.

Carlito Tuballa, DENR assistant regional director for Technical Services, told Manila Bulletin department officials had a dialogue with the protest leaders.

The protesters took issue with the approval of the Eastern Samar Provincial Board last October 9 of the resolutions from the four barangays in Manicani Island and the Guiuan municipal council endorsing the renewal of the mineral production sharing agreement (MPSA) permit of Hinatuan Mining Corporation (HMC), a subsidiary of the Nickel Asia Corporation (NAC).