Philippines launches probe of Philex Padcal mine tailings leak

By Rhea Sandique-Carlos

4-Traders

MANILA–The Philippine government Monday, August 6, 2012 began an investigation into the leakage of waste water into a river last week from Philex Mining Corp.’s (PX.PH) Padcal copper-gold mine in the country’s north.

An eight-man investigating team will determine the extent of environmental damage the leakage may have caused as well as any sanctions or penalties that may be imposed on Philex as a result, Mines and Geosciences Bureau chief Leo Jasareno said by telephone.

Sanctions could include an extended suspension of operations as well as monetary penalties, Mr. Jasareno said.

The bureau, which supervises the local mining industry, has ordered an indefinite suspension of Philex’s mining operations at Padcal following the leakage.

The team, composed of personnel from both the Mines and Geosciences Bureau and the Environmental Management Bureau, has been given seven days to come up with recommendations, Mr. Jasareno said.

The Mines and Geosciences Bureau issued a cease and desist order against Padcal last Thursday following a discharge from its mine tailings into the Agno River the day before amid heavy rains brought typhoons Vicente and Saola.
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In a statement to the stock exchange Monday, Philex said the discharge had been fully contained as of Friday.

“Emergency response procedures will continue to ensure minimal damage to the downstream communities,”

the company said.

Chief operating officer Eulalio Austin said the company will conduct a full assessment of the measures that need to be undertaken for rehabilitation, including the cleanup of affected waterways,” Mr. Austin said.

“We will stand by our commitment to being a responsible mining operation,”

Mr. Austin added.

 

Source: rhea.sandique-carlos@dowjones.com 4-Traders