some notes on the philippine mining act of 1995.doc
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Notes on the Philippine Mining Act of 1995TRANSCRIPT
Some Notes on the Philippine Mining Act of 19951
The Philippine Mining Act of 1995 (Republic Act 7942) is a very contentious piece of legislation that allows foreign
corporations – even those with 100% foreign equity – to operate mining sites in the Philippines. Section 56 of the said law
explicitly says that “A foreign-owned/-controlled corporation may be granted a mineral processing permit.1” The law further
states that such “Minerals processing permit shall be for a period of five (5) years renewable for like periods but not to
exceed a total term of twenty-five (25) years.” Such policy expectedly led to a near-monopoly of foreigners over the
country’s mineral resources as they are wealthy in capital and equipped with advanced mining technologies. Most non-
government organizations (NGOs) that normally quarrel over other issues are united in opposing the Philippine Mining Act
of 1995. Activists have actually questioned the constitutionality of the Philippine Mining Act of 1995 before the Supreme
Court. Initially, on January 2004, the High Court struck down the law as unconstitutional, but it later reversed its initial
decision on December 2004, to the dismay of those who campaigned against the law. The said pro-Mining Act decision
became final on February 2005. In 2008, another legal challenge to the Mining Act was brought to the Supreme Court by
sundry groups that include “Indigenous peoples, members of poor communities dependent on land and natural resources
and affected by FTAAs (Financial or Technical Assistance Agreements) and MPSAs (Mineral Production Sharing
Agreements) issued, representatives from support organizations such as the Social Action Center of the Diocese of
1Part of a draft dissertation (2013) for a PhD in Southeast Asian Studies (Centro Escolar University-Manila). The endnotes are still incomplete. This was posted for the benefit of citizens who need instant information on the Philippine Mining Act and the existing Mineral Production Sharing Agreements (MPSAs). San Juan, David Michael M. “A Dependency Theory Critique of Selected Segments of the Philippine Development Plan (PDP 2011-2016)”
Marbel, people's organizations, as well as elected officials from the Liberal Party, and party-list groups Akbayan and
Bayan Muna representing marginalized sectors…2” In fact, an alternative “People’s Mining Bill” or House Bill 43153 (An
Act Re-Orienting the Philippine Mining Industry, Ensuring the Highest Industry Development Standards, and for other
Purposes) has been filed on March 2, 2011 by Reps. Teddy A. Casino, Neri Javier Colmenares, Rafael V. Mariano,
Luzviminda C. Ilagan, Raymond V. Palatino, Emerenciana A. De Jesus, and Antonio L. Tinio to replace the pro-foreign
mining act currently implemented and supported by the Philippine Development Plan (PDP).
Bias for Foreign Firms
As mentioned, the current Philippine Mining Act allows 100% foreign ownership of mining firms despite the fact that
the Philippine Constitution clearly states that natural resources are for the Filipinos’ exclusive use and exploitation. Aside
from this pro-foreign provision, it must be noted that “The Mining Act also grants mining companies to operate for a
maximum of 50 years and can occupy an area of 81,000 hectares where the company enjoys timber rights, water rights
and easement rights. The incentives granted to foreign mining companies include tax holidays and 100 percent
repatriation of their capital and profit.4” Currently, many big mining companies in the country are either wholly or partly
owned by foreign citizens and firms, as proven by the following table that lists Mineral Production Sharing Agreements
2 http://www.minesandcommunities.org/article.php?a=12239
3 http://www.preda.org/en/wp-content/uploads/2011/11/peoples-mining-bill-primer.pdf
1 http://www.chanrobles.com/RA7942.htm#.UbVsItj4LdE
(MPSAs) approved by the Mines and Geosciences Bureau/MGB (as of April 30, 2013)5 involving foreign mining firms or
mining firms with foreign equity:
Firm Mine Location Area (in hectares)
Mineral Remarks on Ownership
Lepanto Consolidated Mining
Co. and Far Southeast Gold
Resources Inc. (a subsidiary of Lepanto6)
Mankayan, Benguet
948.9695 Gold and copper
With foreign equity7
Sinosteel Philippines HY Mining
Loreto, Dinagat Islands
(Within Parcel III of
972.0000 Chromite Subsidiary of a China-based firm8
6 http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapid=38886319
7 http://www.pse.com.ph/resource/corpt/2013/LC_Top100_Mar2013.pdf
4 Minerva Chaloping-March. The trail of a mining law: ‘resource nationalism’ in the Philippines. Paper read at the conference on Mining and Mining Policy in the Pacific: History, Challenges and Perspectives, 21-25 November 2011. Noumea, New Caledonia.
5 http://198.57.185.212/Files/Permits/Applications/April_2013_MPSA_2A.pdf
Corporation Surigao Mineral
Reservation)
Century Peak Corp.
Loreto, Dinagat Islands
(Within Parcel III of
Surigao Mineral
Reservation)
1,198.0000 Chromite With foreign equity9
Hinatuan Mining Corp.
Manicani Island,
Guiuan, Eastern Samar
1,165.0000 Nickel Subsidiary of Nickel Asia Corp10. (with foreign equity11)
Apo Land and Quarry Corp.
Naga, Cebu 192.0000 Limestone “Under CEMEX Philippines Group of Companies' wing”12; CEMEX Philippines is a subsidiary of a Mexico-based firm with a global presence13
Dorilag Cement Corp.
Jordan and Buenavista,
Guimaras
1,794.6000 Limestone Actively seeking investors through Limestone Philippines (its subsidiary); Limestone Philippines’ Managing Partner and Sales Manager are US-based14
Marcventures Mining and
Development Corporation
Cantilan, Surigao del Sur
4,799.0000 Gold and copper
Subsidiary of Marcventures Holdings Inc. (MARC)15, a firm with foreign equity16
Lafarge Norzagaray, 559.0000 Limestone Subsidiary of France-based firm with a global
Republic, Inc. Bulacan presence17
Holcim Philippines, Inc.
Norzagaray, Bulacan
554.3811 Limestone and shale
Subsidiary of a Switzerland-based firm with a global presence18
Lafarge Republic, Inc.
Taysan, Batangas
321.1700 Limestone and shale
Subsidiary of France-based firm with a global presence19
Mindanao Portland Cement
Corp.
Iligan City, Lanao del
Norte
323.0953 Limestone and shale
Subsidiary of France-based firm with a global presence20
Lafarge Republic, Inc.
Asturias, Cebu 2,383.5483 Limestone Subsidiary of France-based firm with a global presence21
Holcim Philippines
Lugait, Misamis Oriental
129.6974 Limestone Subsidiary of a Switzerland-based firm with a global presence22
Holcim Philippines, Inc.
Agno, Pangasinan
405.0000 Silica Subsidiary of a Switzerland-based firm with a global presence23
Holcim Philippines, Inc.
Luna, La Union 217.0000 Limestone Subsidiary of a Switzerland-based firm with a global presence24
Holcim Philippines
Iligan City and Lugait,
Misamis Oriental
397.6759 Limestone Subsidiary of a Switzerland-based firm with a global presence25
TVI Resource Devt.Phils., Inc.
Siocon, Zamboanga del
Norte
508.3396 Gold, silver and copper
“Affiliate” of a Canadian firm26
Philex Gold Phil., Inc.
Sibutad, Dapitan City
and Rizal, Zamboanga
del Norte
3,515.0000 Gold and copper
Subsidiary27 of Philex Mining Corporation, a firm with foreign equity28
Alcorn Gold Resources Corp. (now listed in the Philippine Stock Exchange as Costco Capital29)
Merida and Isabel, Leyte
2,288.2100 Limestone With foreign equity30
Holcim Philippines, Inc.
Mati, Davao Oriental
166.0224 Silica Subsidiary of a Switzerland-based firm with a global presence31
Holcim Philippines, Inc.
Bunawan District, Davao
City
657.3194 Limestone Subsidiary of a Switzerland-based firm with a global presence32
Holcim Philippines, Inc.
Bunawan District, Davao
City
148.4427 Shale Subsidiary of a Switzerland-based firm with a global presence33
TVI Resources Development
Phils., Inc.
Diplahan, Zamboanga
del Sur
4,779.0000 Copper and gold
“Affiliate” of a Canadian firm34
TMC-Tribal Mining Corp.
T'boli, South Cotabato
84.9800 Copper and gold
Subsidiary of Cadan Resources Corporation35, a Canada-based firm36
Vulcan Materials Corp.
Batangas City, Batangas
332.3980 Aggregate and andesite
Subsidiary of Vulcan Industrial & Mining Corporation37, a firm with foreign equity38
Vulcan Industrial and Mining
Corp.
Hinobaan, Negros
Occidental
477.0000 Copper and gold
With foreign equity39
Apo Land and Quarry Corp.
Naga, Cebu 84.0000 Greywacke and pozzolan
“Under CEMEX Philippines Group of Companies' wing”40; CEMEX Philippines is a subsidiary of a Mexico-based firm with a global presence41
Philex Gold Phils., Inc.
Hinobaan, Negros
Occidental
2,268.0000 Gold Subsidiary42 of Philex Mining Corporation, a firm with foreign equity43
GRCO Isulan Mining Corp.
Bagumbayan, Sultan
Kudarat
4,520.9600 Copper and gold
Subsidiary of General Resources Co., Ltd.(GRCO), a Korean-based firm44
APC Group Inc. Ginatilan and
Malabuyoc, Cebu
549.0000 Limestone With foreign equity45
APC Group Inc. Ginatilan and
Malabuyoc, Cebu
502.8266 Limestone With foreign equity46
Claver Mineral Claver, Surigao 433.9798 Nickel Operated by Shenzou Mining Group Corporation, a
Devt. Corp. del Norte
(Within Parcel I of
Surigao Mineral
Reservation)
Chinese mining firm47
lligan Cement Corp.
Kiwalan and Iligan City,
Lanao del Norte
519.0879 Limestone and shale
Associated company of Lafarge Philippines, a subsidiary of Lafarge, a France-based firm48
Northern Cement Corp.
Sison, Pangasinan
630.5000 Limestone and shale
Partly-owned49 by San Miguel Corporation, a firm with foreign equity50
Consolidated Ores Phils. Inc.
Aurora, Surigao del Sur
1,953.0000 Gold, precious and base
metals and other associated
mineral deposits
Partly-owned by Canada-based Martina
Minerals Corporation51
Vulcan Industrial and Mining
Corp.
Sipalay, Negros
Occidental
806.5700 Copper and gold
With foreign equity52
Rio Tuba Nickel Mining
Bataraza, Palawan
990.0000 Nickel 60% owned by Nickel Asia Corp.53 (with foreign equity54)
Corp.
Island Quarry and Aggregates
Corp.
Antipolo City, Rizal
70.9800 Basalt and Diorite
“Under CEMEX Philippines Group of Companies' wing55” (a subsidiary of CEMEX, a Mexican firm with global presence56)
Indophil Resources, Phils., Inc.
Labo, Camarines Norte
995.3844 Copper and gold
Subsidiary of Indophil Resources NL, an Australian firm57
Rapu-Rapu Minerals, Inc.
Rapu-Rapu, Albay
144.2000 Copper and gold
Foreign shareholding firms58 include LG International (a Korean firm59), Korea Resources Corp. (another Korean firm60), and Malaysia Smelting Corp. (a Malaysia-based firm61)
Luvimin Cebu Mining Corp. and
TVI Resources Dev't. (Phil.), Inc.
San Roque, Fatima,
Liloan and Panaon,
Southern Leyte
453.0000 Copper and gold
TVI Resources Dev’t. (Phil.), Inc. is an “Affiliate” of a Canadian firm62
Taiheiyo Cement Phils., Inc.
San Fernando and Naga,
Cebu
486.0000 Limestone Subsidiary of the Japanese firm Taiheiyo Cement Corporation63
Lafarge Republic, Inc.
Carmen, Cebu 2,551.0000 Graywacke, sandstone,
limestone and shale
Subsidiary of France-based firm with a global presence64
Lafarge Republic, Inc.
Teresa, Rizal 154.6876 Limestone and silica
Subsidiary of France-based firm with a global presence65
Holcim Philippines, Inc.
Doña Remedios Trinidad
342.6500 Limestone, slica and shale
Subsidiary of a Switzerland-based firm with a global presence66
65 http://www.lafarge.com.ph/wps/portal/ph/7_2-PR_AMRC?WCM_GLOBAL_CONTEXT=/wps/wcm/connectlib_ph/Site_ph/AllPR/PressRelease_1346756511499/PR_Header
8 http://en.sinosteel.com/
9 http://www.pse.com.ph/resource/corpt/2013/CPM_Top100_Mar2013.pdf
10 http://www.nickelasia.com/corporateStructure.html
11 http://www.pse.com.ph/resource/corpt/2013/NIKL_Top100_Mar2013.pdf
12 http://www.cemexphilippines.com/co/co_ac_hi.html
13 http://www.cemex.com/AboutUs/History.aspx
14 http://www.limestonephilippines.com/contact_us.html
15 http://www.marcventuresholdings.com/
16 http://www.pse.com.ph/resource/corpt/2013/MARC_Top100_Mar2013.pdf
18 http://www.holcim.com.ph/about-us/corporate-profile.html http://www.holcim.com/about-us/company-profile.html
19 http://www.lafarge.com/wps/portal/8_6-Contacts http://www.lafarge.com.ph/wps/portal/ph/1-Lafarge_at_a_Glance
20 http://www.lafarge.com.ph/wps/portal/ph/7_2-PR_AMRC?WCM_GLOBAL_CONTEXT=/wps/wcm/connectlib_ph/Site_ph/AllPR/PressRelease_1346756511499/PR_Header
and Norzagaray,
Bulacan
Jabel Corp. Baay-Licuan, Abra
297.0000 Gold and silver Formed a partnership with Canada-based Olympus Pacific Minerals Inc.67
21 http://www.lafarge.com.ph/wps/portal/ph/7_2-PR_AMRC?WCM_GLOBAL_CONTEXT=/wps/wcm/connectlib_ph/Site_ph/AllPR/PressRelease_1346756511499/PR_Header
22 http://www.holcim.com.ph/about-us/corporate-profile.html http://www.holcim.com/about-us/company-profile.html
23 http://www.holcim.com.ph/about-us/corporate-profile.html http://www.holcim.com/about-us/company-profile.html
24 http://www.holcim.com.ph/about-us/corporate-profile.html http://www.holcim.com/about-us/company-profile.html
25 http://www.holcim.com.ph/about-us/corporate-profile.html http://www.holcim.com/about-us/company-profile.html
26 http://www.tvipacific.com/AboutUs/overview/default.aspx
27 http://www.philexmining.com.ph/about-us/corporate-profile
28 http://www.pse.com.ph/resource/corpt/2013/PX_Top100_Mar2013.pdf
29 http://www.pse.com.ph/stockMarket/companyInfo.html?id=50&security=178&tab=0
30 http://www.pse.com.ph/resource/corpt/2013/APM_Top100_Mar2013.pdf
31 http://www.holcim.com.ph/about-us/corporate-profile.html http://www.holcim.com/about-us/company-profile.html
32 http://www.holcim.com.ph/about-us/corporate-profile.html http://www.holcim.com/about-us/company-profile.html
33 http://www.holcim.com.ph/about-us/corporate-profile.html http://www.holcim.com/about-us/company-profile.html
34 http://www.tvipacific.com/AboutUs/overview/default.aspx
35 http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=39105092
Abra Mining and Industrial Corp.
Bucay, Abra 672.0000 Tuffaceous limestone, shale
and silica sand
With foreign equity68
Jabel Corp. Baay-Licuan, Abra
756.0000 Copper and gold
Formed a partnership with Canada-based Olympus Pacific Minerals Inc.69
36 http://www.cadanresources.com/contact-us/
37 http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=30771041
38 http://www.pse.com.ph/resource/corpt/2013/VUL_Top100_Mar2013.pdf
39 http://www.pse.com.ph/resource/corpt/2013/VUL_Top100_Mar2013.pdf
40 http://www.cemexphilippines.com/co/co_ac_hi.html
41 http://www.cemex.com/AboutUs/History.aspx
42 http://www.philexmining.com.ph/about-us/corporate-profile
43 http://www.pse.com.ph/resource/corpt/2013/PX_Top100_Mar2013.pdf
44 http://www.grco.kr/main/?skin=history.htm
45 http://www.pse.com.ph/resource/corpt/2013/APC_Top100_Mar2013.pdf
46 http://www.pse.com.ph/resource/corpt/2013/APC_Top100_Mar2013.pdf
48 http://www.lafarge.com.ph/wps/portal/ph/1-Lafarge_at_a_Glance
49 http://www.interaksyon.com/business/62439/san-miguel-acquires-a-third-of-chairmans-cement-company
50 http://www.pse.com.ph/resource/corpt/2013/SMC_Top100_Mar2013.pdf
51 http://www.martinaminerals.com/wp-content/uploads/2012/06/Martina-Minerals-announcement-14-June-2012.pdf
Philex Mining Corporation
Surigao City and Sison
and Placer, Surigao Del
Norte
2,306.0000 Copper and gold
With foreign equity70
17 http://www.lafarge.com/wps/portal/8_6-Contacts http://www.lafarge.com.ph/wps/portal/ph/1-Lafarge_at_a_Glance
47 http://www.abs-cbnnews.com/business/07/22/12/mgb-orders-suspension-mining-operations-chinese-nickel-miner
52 http://www.pse.com.ph/resource/corpt/2013/VUL_Top100_Mar2013.pdf
53 http://www.nickelasia.com/corporateStructure.html
54 http://www.pse.com.ph/resource/corpt/2013/NIKL_Top100_Mar2013.pdf
55 http://www.cemexphilippines.com/co/co_ac_hi.html
56 http://www.cemex.com/AboutUs/History.aspx
57 http://www.indophil.com/ http://www.asia-ceo.org/events/Indophil_Tony_Robbins.htm
58 http://rapu-rapumining.com/about-us/projec-history/
59 http://www.bloomberg.com/quote/001120:KS
60 http://eng.kores.or.kr:8080/gpms/eng/index.html
61 http://www.msmelt.com/abt_hist.htm
62 http://www.tvipacific.com/AboutUs/overview/default.aspx
63 http://www.taiheiyo-cement.com.ph/index.php?option=com_content&view=article&id=4&Itemid=4
64 http://www.lafarge.com/wps/portal/8_6-Contacts http://www.lafarge.com.ph/wps/portal/ph/1-Lafarge_at_a_Glance
Silangan Mindanao Mining Co.,
Inc.
Mainit and Placer,
Surigao Del Norte
2,879.7000 Copper and gold
Subsidiary of Silangan Mindanao Exploration Co., Inc. (SMECI)71, which in turn is a subsidiary of Philex, a firm with foreign equity72
Lepanto Consolidated Mining
Co.
Mankayan, Benguet
1,829.3565 Copper and gold
With foreign equity73
Itogon Suyoc Resources, Inc.
Mankayan, Benguet
1,728.8535 Copper and gold
Later renamed ISM Communications Corporation74, with foreign equity75
Philex Mining Corporation
Tuba and Itogon,
4,928.4215 Copper and gold
With foreign equity76
66 http://www.holcim.com.ph/about-us/corporate-profile.html http://www.holcim.com/about-us/company-profile.html
68 http://pse.com.ph/resource/corpt/2013/AR_Top100_Mar2013.pdf
67 http://business.inquirer.net/22701/abra-mining-takes-partners-for-gold-project
70 http://www.pse.com.ph/resource/corpt/2013/PX_Top100_Mar2013.pdf
69 http://business.inquirer.net/22701/abra-mining-takes-partners-for-gold-project
73 http://www.pse.com.ph/resource/corpt/2013/LC_Top100_Mar2013.pdf
74 http://www.ismcomm.com/about-us/corporate-history/
75 http://pse.com.ph/resource/corpt/2013/ISM_Top100_Mar2013.pdf
71 http://www.philexmining.com.ph/about-us/corporate-profile
72 http://www.pse.com.ph/resource/corpt/2013/PX_Top100_Mar2013.pdf
Benguet
Philex Mining Corporation
Tuba and Itogon,
Benguet
2,958.1390 Copper and gold
With foreign equity77
Lafarge Republic, Inc.
Teresa, Rizal 36.4592 Limestone Subsidiary of France-based firm with a global presence78
Ungay-Malobago Mines Inc. and
Rapu-Rapu Minerals, Inc.
Rapu-Rapu, Albay
167.8625 Copper and gold
Foreign shareholding firms79 of Rapu-Rapu Minerals, Inc. include LG International (a Korean firm80), Korea Resources Corp. (another Korean firm81), and Malaysia Smelting Corp. (a Malaysia-based firm82)
Aglubang Mining Corp.
Victoria, Oriental
Mindoro
2,290.6700 Nickel Subsidiary of Intex Resources ASA, a Norway-based firm83
Rapu-Rapu Minerals, Inc.
Rapu-Rapu, Albay
1,585.8083 Copper and gold
Foreign shareholding firms84 include LG International (a Korean firm85), Korea Resources Corp. (another Korean firm86), and Malaysia Smelting Corp. (a Malaysia-based firm87)
Pyramid Hill Mining and
Industrial Corp.
Espanola, Narra and
Quezon, Palawan
5,149.9000 Limestone Formed a consortium (a “joint venture mining company) with Fenway International Inc., a Canada-based firm, and another two Filipino firms, earlier than 199788
Central Palawan Mining and
Quezon, Palawan
4,896.1000 Limestone Formed a consortium (a “joint venture mining company) with Fenway International Inc., a Canada-based firm, and another two Filipino firms, earlier
Industrial Corp. than 199789
Palawan Star Mining Ventures
Inc.
Quezon, Palawan
5,234.2079 Limestone Formed a consortium (a “joint venture mining company) with Fenway International Inc., a Canada-based firm, and another two Filipino firms, earlier than 199790
Egerton Gold Phils., Inc.
Lobo, Batangas 1,163.6195 Gold and copper
With 40% Australian equity91
Egerton Gold Phils., Inc.
Lobo, Batangas 1,011.5434 Gold and copper
With 40% Australian equity
Greenstone Resources Corp.
Alegria, Mainit, Tubod
and Bacuag, Surigao Del
Norte
3,288.7676 Gold, copper and silver
Majority shares owned by Australian firm Red 5 Ltd.92
Holcim Philippines, Inc.
Davao City and
Bunawan and Lasang,
Davao del Norte
5,247.4496 Limestone and shale
Subsidiary of a Switzerland-based firm with a global presence93
Phigold Metallic Ore, Inc.
Borobo, Surigao Del Sur
449.4900 Gold Owned by Cayman Islands-based PhiGold Ltd.94
Zambales Diversified
Sta. Cruz and 3,765.3853 Chromite, nickel, platinum
Subsidiary of UK-based ENK95
Metals
Corporation
Candelaria, Zambales
and other associated mineral
deposits
Rapu-Rapu Minerals, Inc.
Rapu-Rapu, Albay
2,640.9247 Gold, copper and silver
Foreign shareholding firms96 include LG International (a Korean firm97), Korea Resources Corp. (another Korean firm98), and Malaysia Smelting Corp. (a Malaysia-based firm99)
Hallmark Mining Corp.
Mati and San Isidro,
Davao Oriental
1,033.1855 Nickel Formed by Australian firm BHP Billiton and Philippine-based Asiaticus Management Corp. (Amcor)100
Austral-Asia Link Mining Corp.
Mati and Gov. Generoso,
Davao Oriental
4,742.2714 Nickel Formed under a shareholders’ agreement between Asiaticus Management Corporation (AMCOR) and QNI Philippines, Inc (Australia-based BHP Billiton’s subsidiary)101
Austral-Asia Link Mining Corp.
Mati and San Isidro,
Davao Oriental
3,715.3409 Nickel Formed under a shareholders’ agreement between Asiaticus Management Corporation (AMCOR) and QNI Philippines, Inc (Australia-based BHP Billiton’s subsidiary)102
Hallmark Mining Corp.
Mati, Davao Oriental
2,288.5826 Nickel Formed by Australian firm BHP Billiton and Philippine-based Asiaticus Management Corp. (Amcor)103
Eramen Minerals, Inc.
Sta. Cruz and
Candelaria, Zambales
4,619.6869 Nickel and other associated
mineral
Forged a partnership with an unnamed Chinese firm104
deposits
Atlas Consolidated Mining and
Development Corporation, Heirs
of Jose Velez, Heirs of Manuel
Cuenco and Jon Ramon Aboitiz
Biga, Toledo City, Cebu
234.2875 Copper, gold and other
associated mineral deposits
Atlas has foreign equity105
Bicol Chromite and Manganese
Corp.
Lagunoy, Camarines Sur
2,243.1029 Chromite and other
associated mineral deposits
Chinese-owned106
Bicol Chromite and Manganese
Corp.
Lagunoy, Camarines Sur
2,741.0582 Chromite and other
associated mineral deposits
Chinese-owned107
Rio Tuba Nickel Mining Corp.
Bataraza, Palawan
84.5364 Limestone 60% owned by Nickel Asia Corp.108 (with foreign equity109)
Hallmark Mining Corp.
Mati, Davao Oriental
2,337.0000 Nickel Formed by Australian firm BHP Billiton and Philippine-based Asiaticus Management Corp. (Amcor)110
Hallmark Mining Corp.
Mati and San Isidro,
2,375.3200 Nickel Formed by Australian firm BHP Billiton and Philippine-based Asiaticus Management Corp. (Amcor)111
110 http://www.gmanetwork.com/news/story/165469/economy/companies/bhp-billiton-amcor-settle-dispute-on-nickel-project
76 http://www.pse.com.ph/resource/corpt/2013/LC_Top100_Mar2013.pdf
77 http://www.pse.com.ph/resource/corpt/2013/LC_Top100_Mar2013.pdf
78 http://www.lafarge.com/wps/portal/8_6-Contacts http://www.lafarge.com.ph/wps/portal/ph/1-Lafarge_at_a_Glance
79 http://rapu-rapumining.com/about-us/projec-history/
80 http://www.bloomberg.com/quote/001120:KS
81 http://eng.kores.or.kr:8080/gpms/eng/index.html
82 http://www.msmelt.com/abt_hist.htm
83http://archives.pia.gov.ph/?m=12&fi=p080229.htm&no=64
84 http://rapu-rapumining.com/about-us/projec-history/
85 http://www.bloomberg.com/quote/001120:KS
86 http://eng.kores.or.kr:8080/gpms/eng/index.html
87 http://www.msmelt.com/abt_hist.htm
88 http://pdf.secdatabase.com/2763/0000891554-99-001627.pdf p.11-12
89 http://pdf.secdatabase.com/2763/0000891554-99-001627.pdf p.11-12
Davao Oriental
Austral-Asia Link Mining Corp.
Mati, Davao Oriental
723.8000 Nickel Formed under a shareholders’ agreement between Asiaticus Management Corporation (AMCOR) and QNI Philippines, Inc (Australia-based BHP Billiton’s subsidiary)112
Selenga Mining Sipalay, 2,965.1041 Gold, copper, Formed partnership with UK-based Copper
90 http://pdf.secdatabase.com/2763/0000891554-99-001627.pdf p.11-12
91 http://business.inquirer.net/money/breakingnews/view/20060929-23782/Mining_investors_present_plans_to_officials_today
92 http://www.philstar.com/business/805755/greenstone-resources-makes-1st-shipment-gold
93 http://www.holcim.com.ph/about-us/corporate-profile.html http://www.holcim.com/about-us/company-profile.html
94 http://www.philstar.com/business/752981/brown-buys-minority-stake-gold-mining-firm
95 http://www.enickel.co.uk/files/5913/3902/8664/Sale_of_Interest_in_Local_Partner_final.pdf
96 http://rapu-rapumining.com/about-us/projec-history/
97 http://www.bloomberg.com/quote/001120:KS
98 http://eng.kores.or.kr:8080/gpms/eng/index.html
99 http://www.msmelt.com/abt_hist.htm
100 http://www.gmanetwork.com/news/story/165469/economy/companies/bhp-billiton-amcor-settle-dispute-on-nickel-project
101 http://bhpbillitonwatch.net/2009/10/21/pujada-hallmark-nickel-laterite-project-profile/
102 http://bhpbillitonwatch.net/2009/10/21/pujada-hallmark-nickel-laterite-project-profile/
103 http://www.gmanetwork.com/news/story/165469/economy/companies/bhp-billiton-amcor-settle-dispute-on-nickel-project
104 http://asiancorrespondent.com/92092/chinas-filipino-gold-rush/
Corporation Negros
Occidental
silver and
molybdenum
Development Corp.113
Macroasia Corporation
Brooks Point, Palawan
1,113.9836 Nickel, chromite, iron and
other associated mineral
deposits
With foreign equity114
Macroasia Corporation
Brooke's Point, Palawan
410.0000 Chromite, nickel, copper and
other associated
With foreign equity115
105 http://pse.com.ph/resource/corpt/2013/AT_Top100_Mar2013.pdf
106 http://balita.ph/2012/10/09/mgb-evaluates-qualifications-of-foreigners-working-in-bicol-mines/
107 http://balita.ph/2012/10/09/mgb-evaluates-qualifications-of-foreigners-working-in-bicol-mines/
108 http://www.nickelasia.com/corporateStructure.html
109 http://www.pse.com.ph/resource/corpt/2013/NIKL_Top100_Mar2013.pdf
112 http://bhpbillitonwatch.net/2009/10/21/pujada-hallmark-nickel-laterite-project-profile/
111 http://www.gmanetwork.com/news/story/165469/economy/companies/bhp-billiton-amcor-settle-dispute-on-nickel-project
114 http://pse.com.ph/resource/corpt/2013/MAC_Top100_Mar2013.pdf
113 http://www.reuters.com/finance/stocks/companyProfile?symbol=CDCP.L
mineral
deposits
Apex Mining Co., Inc.
Maco, Compostela
Valley
679.0200 Copper and other associated
mineral deposits
With foreign equity116
Benguetcorp Nickel Mines, Inc.
Sta. Cruz, Zambales
1,406.7362 Chromite, nickel and other
associated mineral deposits
Wholly-owned subsidiary of Benguet Corp.117 (with foreign equity118)
Citinickel Mines and
Development Corporation
Narra and Sofronio
Española, Palawan
2,176.0000 Nickel, chromite and other
associated mineral deposits
94% owned by Oriental Peninsula Resources Group, Inc.119 (with foreign equity120)
Apex Mining Co., Inc.
Maco and Mabini,
Compostela Valley
1,558.5285 Gold, copper, silver, zinc and
other associated mineral
deposits
With foreign equity121
Berong Nickel Corporation
Quezon, Palawan
288.0000 Nickel, iron, cobalt, chromite
and other associated mineral
deposits
Joint venture company formed by UK-based Toledo Mining Corporation (TMC)122 and Atlas Consolidated Mining and Development Corporation (with foreign equity123)
Holcim Philippines, Inc.
Balaoan, La Union
246.4756 Limestone and other
associated mineral deposits
Subsidiary of a Switzerland-based firm with a global presence124
Holcim Philippines, Inc.
Bacnotan and Balaoan,
La Union
259.0831 Limestone and other
associated mineral deposits
Subsidiary of a Switzerland-based firm with a global presence125
Hinatuan Mining Corporation
Tagana-an, Surigao del
Norte (within Parcel II
Surigao Mineral
Reservation)
773.7700 Nickel and other associated
mineral deposits
Subsidiary of Nickel Asia Corp126. (with foreign equity127)
Ludgoron Mining
Pantukan, Carrascal,
3,248.0626 Nickel, cobalt and other
Taganito Mining Corporation, a subsidiary of Nickel Asia Corp128. (with foreign equity129) maintains
Corporation Surigao del Sur (within
Parcel I Surigao Mineral
Reservation)
associated mineral deposits
Ludgoron’s mining rights via an “operating agreement”130
Fastem Construction
Incorporated
Dulag and Mayorga,
Leyte
4,438.4775 Iron, cobalt, gold and other
associated mineral deposits
Korean-owned131
Dabawenyo Minerals Corp.
Mati and Lupon, Davao
Oriental
5,906.6100 Molybdenum, copper, gold
and other associated mineral
deposits
Joint venture with Japanese firm Hanwa Co. Ltd.132
Phil. Youbang Mining
International Corporation
Mati and Lupon, Davao
Oriental
1,010.4200 Molybdenum, copper, gold
and other associated mineral
deposits
Chinese-owned133
Investwell Resources, Inc.
Jose Panganiban,
333.1983 Gold, silver, copper, iron and
Foreign-established and -led firm134
Camarines Norte
other associated mineral
deposits
Manila Mining Corp.
Placer, Surigao del Sur
211.5000 Gold, silver, copper and
other associated mineral
deposits
With foreign equity135
Strong Built Mining
Development Corp.
Dulag and Mayorga,
MacArthur, Javier and
Abuyog, Leyte
7,411.5560 Magnetite sand and other
associated mineral deposits
Formed a joined venture with a Japanese firm, and a service contract agreement with Heng Sheng Mining Corp., a Chinese firm136
Filminera Resources Corp.
Aroroy, Masbate
129.7217 Gold and other associated
mineral deposits
Under the Australia-based firm Central Gold Asia (CGA) Mining Ltd.137
Filminera Resources Corp.
Aroroy, Masbate
126.1442 Gold and other associated
mineral deposits
Under the Australia-based firm Central Gold Asia (CGA) Mining Ltd. 138
Geogen Dinapique, 2,391.8041 Nickel, iron, Signed an exclusive operating agreement with
Corporation Isabela cobalt, chromite
and other associated mineral
deposits
NiHAO Mineral Resources International139 (with foreign equity140)
Philsaga Mining Corporation
Bunawan and Rosario,
Agusan del Sur
2,538.7919 Gold and other associated
mineral deposits
“Under the supervision of Australian firm Medusa Mines141”
Sinophil Mining and Trading
Corporation
Mati and Governor
Generoso, Davao
Oriental
2,364.9535 Chromite, nickel and other
associated mineral deposits
Chinese-owned142
Atlas Consolidated Mining and
Development Corporation and
Anatolia Jaca, Asterio Buqueron,
Toledo City, Cebu
648.0159 Copper, gold and other
associated mineraL deposits
Atlas has foreign equity143
Cristeta C. Bagano, Lucila
Pascual, Mercedes Aytona,
Regina De Vera, Ricardo A.
Verches and Biga Copper
Mines, Inc., as represented by
Atlas Consolidated Mining and
Development Corporation
Taganito Mining Corporation
Claver, Surigao del Norte
4,584.5145 Nickel and other associated
mineral deposits
Subsidiary of Nickel Asia Corp144 (with foreign equity145)
Holcim Philippines, Inc.
Davao City 642.1537 Limestone and other
associated
Subsidiary of a Switzerland-based firm with a global presence146
mineral deposits
Heirs of Baldomero Nevada Sr.,
Trinidad Nevada & Baldomero
Nevada, Jr. as represented by
Philex Mining Corporation
Tuba, Benguet 80.6688 Copper, Gold and other
associated mineral deposits
Philex has foreign equity147
Aglubang Mining Corp.
Sablayan, Occidental
Mindoro
4,686.0800 Nickel and other assiciated
minerals
Subsidiary of Intex Resources ASA, a Norway-based firm 148
Greenstone Resources Corp.
Surigao City and Sison
and Tagana-an, Surigao
Del Norte
1,481.6600 Copper, Gold and other
associated mineral deposits
Majority shares owned by Australian firm Red 5 Ltd.149
Holcim Philippines
Manufacturing Corporation
Iligan City and Lugait,
Misamis Oriental
433.4240 Limestone, shale and other
associated mineraL
Subsidiary of a Switzerland-based firm with a global presence150
deposits
Century Peak Corp.
Loreto and Libjo, Dinagat
Islands (within Parcel III
Surigao Mineral
Reservation)
3,188.2566 Nickel and other associated
mineral deposits
With foreign equity151
Apo Land and Quarry Corp.
Naga City, Cebu
129.9617 Limestone and other
associated mineral deposits
“Under CEMEX Philippines Group of Companies' wing”152; CEMEX Philippines is a subsidiary of a Mexico-based firm with a global presence153
Apo Land and Quarry Corp.
Naga City, Cebu
84.1550 Limestone and other
associated mineral deposits
“Under CEMEX Philippines Group of Companies' wing”154; CEMEX Philippines is a subsidiary of a Mexico-based firm with a global presence155
Geotechniques and Mines, Inc.
Midsalip, Zamboanga del
Sur
592.5877 Iron, gold and other
associated mineral deposits
“Purportedly a Chinese firm156”
Cambayas Mining Corporation
Guiuan, Eastern Samar
3,516.2015 Chromite and other
40% owned by Korean consortium Korean consortium “composed of state-controlled Korea Resources Corp. (KORES), Korea Infrastructure
associated mineral deposits
Investments Asset Management (KIAMCO) and K&P Partners Investment”157
Holcim Philippines, Inc.
Mati, Davao Oriental
254.9595 Silica and other associated
mineral deposits
Subsidiary of a Switzerland-based firm with a global presence158
Holcim Philippines, Inc.
Norzagaray and Dona
Remedios Trinidad,
Bulacan
1,167.1133 Limestone, silica, shale and
other associated mineral
deposits
Subsidiary of a Switzerland-based firm with a global presence159
Holcim Philippines, Inc.
Agno, Pangasinan
328.9000 Silica and other associated
mineral deposits
Subsidiary of a Switzerland-based firm with a global presence160
Guo Long Mining Corporation
Jose Panganiban,
Camarines Norte
595.6522 Iron, gold and other
associated mineral deposits
Chinese-owned161
Yinlu Bicol Mining Corporation
Paracale, Camarines
663.0746 Iron, gold and other
Chinese firm162
Norte associated mineral deposits
Altai Philippines Mining
Corporation
San Fernando, Romblon,
Sibuyan Island
1,580.8010 Nickel, iron, cobalt, chromite
and other associated mineral
deposits
40% owned by Altai Resources, Inc., a Canada-based firm163
Atlas Consolidated Mining and
Development Corporation
Tolido City and Naga
Cebu
1,274.1270 Copper, gold and other
associated mineral deposits
With foreign equity164
Dayap Mines, Inc.
Mamburao, Occidental
Mindoro
1,582.3070 Iron and other associated
mineral deposits
70% owned by TKC Steel Corp.165 (with foreign equity)166
Peng Cheng Metallic Resources
Corporation
Siayan, Zamboanga del
Norte
1,134.0000 Gold, copper, silver and
other associated mineral
deposits
Chinese-owned167
Apo Land and Quarry
Corporation
Carcar, Cebu 505.0642 Limestone, silica and other
associated mineral deposits
“Under CEMEX Philippines Group of Companies' wing”168; CEMEX Philippines is a subsidiary of a Mexico-based firm with a global presence169
Oro-East Tarragona and 7,798.2387 Gold, copper, US-based firm170
168 http://www.cemexphilippines.com/co/co_ac_hi.html
169 http://www.cemex.com/AboutUs/History.aspx
124 http://www.holcim.com.ph/about-us/corporate-profile.html http://www.holcim.com/about-us/company-profile.html
125 http://www.holcim.com.ph/about-us/corporate-profile.html http://www.holcim.com/about-us/company-profile.html
126 http://www.nickelasia.com/corporateStructure.html
127 http://www.pse.com.ph/resource/corpt/2013/NIKL_Top100_Mar2013.pdf
115 http://pse.com.ph/resource/corpt/2013/MAC_Top100_Mar2013.pdf
121 http://pse.com.ph/resource/corpt/2013/APX_Top100_Mar2013.pdf
116 http://pse.com.ph/resource/corpt/2013/APX_Top100_Mar2013.pdf
117 http://business.inquirer.net/82510/benguetcorp-nickel-mines-approves-p150m-cash-dividend
118 http://pse.com.ph/resource/corpt/2013/BC_Top100_Mar2013.pdf
119 http://www.orientalpeninsula.com/
120 http://pse.com.ph/resource/corpt/2013/ORE_Top100_Mar2013.pdf
122 http://www.tmmphil.com/
123 http://pse.com.ph/resource/corpt/2013/AT_Top100_Mar2013.pdf
Mining Company, Inc.
Manay,
Davao Oriental
silver, zinc and
other associated mineral
deposits
128 http://www.nickelasia.com/corporateStructure.html
129 http://www.pse.com.ph/resource/corpt/2013/NIKL_Top100_Mar2013.pdf
130 http://www.nickelasia.com/NAC_17A_2010_v.1.4.pdf
131 http://www.fastem.net/about/key.asp?subcode=0102
132 http://www.intellasia.net/dabawenyo-minerals-hanwa-jv-deal-over-mati-mine-still-a-go-86316
133 http://afrim.org.ph/new_web/m_news-page.php?nid=6176#.Ubm58Nj4LdE
134 http://www.investwellresources.com/en/overview.html
135 http://www.pse.com.ph/resource/corpt/2013/MA_Top100_Mar2013.pdf
136 http://www.businessmirror.com.ph/index.php/en/news/regions/2847-china-company-eyes-massive-extraction-of-black-sand-in-leyte
137 http://bicoltoday.com/?p=2172
138 http://bicoltoday.com/?p=2172
140 http://www.pse.com.ph/resource/corpt/2013/NI_Top100_Mar2013.pdf
141 http://newsinfo.inquirer.net/92419/mine-inspector-shot-dead-in-agusan-del-sur
142 http://www.sunstar.com.ph/davao/business/chinese-investors-mull-mining-real-estate-projects-davor
143 http://pse.com.ph/resource/corpt/2013/AT_Top100_Mar2013.pdf
Apo Land and Quarry
Corporation
Carcar, Cebu 420.9131 Limestone, silica and other
associated mineral deposits
“Under CEMEX Philippines Group of Companies' wing”171; CEMEX Philippines is a subsidiary of a Mexico-based firm with a global presence172
Apo Land and Naga City, 140.2452 Greywache, “Under CEMEX Philippines Group of Companies'
144 http://www.nickelasia.com/corporateStructure.html
139 http://www.malaya.com.ph/index.php/business/business-news/6337-nihao-gets-rights-over-isabela-mine
145 http://www.pse.com.ph/resource/corpt/2013/NIKL_Top100_Mar2013.pdf
146 http://www.holcim.com.ph/about-us/corporate-profile.html http://www.holcim.com/about-us/company-profile.html
147 http://www.pse.com.ph/resource/corpt/2013/PX_Top100_Mar2013.pdf
148 http://archives.pia.gov.ph/?m=12&fi=p080229.htm&no=64
149 http://www.philstar.com/business/805755/greenstone-resources-makes-1st-shipment-gold
150 http://www.holcim.com.ph/about-us/corporate-profile.html http://www.holcim.com/about-us/company-profile.html
151 http://www.pse.com.ph/resource/corpt/2013/CPM_Top100_Mar2013.pdf
152 http://www.cemexphilippines.com/co/co_ac_hi.html
153 http://www.cemex.com/AboutUs/History.aspx
154 http://www.cemexphilippines.com/co/co_ac_hi.html
155 http://www.cemex.com/AboutUs/History.aspx
156 Mining in the Philippines Concerns and conflicts. Report of a Fact-Finding Trip to the Philippines. July-August 2006. Copyright Columban Fathers 2007. First Published 2007 by Society of St. Columban, Widney Manor Rd., Knowle, Solihull B93 9AB, West Midlands, UK. Report written by Cathal Doyle, Clive Wicks and Frank Nally. Edited by Mara Stankovitch, Geoff Nettleton and Andrew Whitmore. p.3
Quarry
Corporation
Cebu sandstone,
bentonite, silica and other
associated
wing”173; CEMEX Philippines is a subsidiary of a Mexico-based firm with a global presence174
www.eccr.org.uk%2Fmodule-Downloads-prep_hand_out-lid-15.html
157 http://www.abs-cbnnews.com/business/07/12/12/korean-consortium-acquires-40-ph-chromite-miner
158 http://www.holcim.com.ph/about-us/corporate-profile.html http://www.holcim.com/about-us/company-profile.html
159 http://www.holcim.com.ph/about-us/corporate-profile.html http://www.holcim.com/about-us/company-profile.html
160 http://www.holcim.com.ph/about-us/corporate-profile.html http://www.holcim.com/about-us/company-profile.html
161 http://www.fjguolong.com/en/about.aspx?introCateId=1656&CateId=1656
162 http://newsinfo.inquirer.net/inquirerheadlines/regions/view/20080507-135028/Chinese-firm-takes-control-of-Camarines-Norte-mine-area
163 http://www.altairesources.com/page.aspx?id=24
164 http://pse.com.ph/resource/corpt/2013/AT_Top100_Mar2013.pdf
165 http://www.philstar.com/business/794105/tkc-steel-set-acquire-control-mindoro-project
166 http://www.pse.com.ph/resource/corpt/2013/T_Top100_Mar2013.pdf
167 Philippine Resources. Mining, Petroleum and Energy Journal. Issue 2 2011, May-July. “The China Factor: Bending the ‘Small-scale’ Mining Rules.” p.14. http://issuu.com/philippineresources/docs/phil_resources_issue_4_may-jul_2011_web
170 http://www.oroeast.com/about-us/
171 http://www.cemexphilippines.com/co/co_ac_hi.html
172 http://www.cemex.com/AboutUs/History.aspx
mineral deposits
Aam-Phil Natural Resources
Exploration and Development
Corporation
Basilisa and San Jose,
Dinagat Islands (Parcel II
of Surigao Mineral
Reservation)
1,680.8106 Nickel and other associated
mineral deposits
Subsidiary of Chinese firm CITIC United Asia Investments Limited175
Filminera Resources
Corporation
Aroroy, Masbate
584.2034 Gold and other associated
mineral deposits
Under the Australia-based firm Central Gold Asia (CGA) Mining Ltd.176
Maharlika Dragon Mining
Corporation
Polanco, Sergio Osmena
and kalawit, Zamboanga
del Norte and Ipil,
Zamboanga Sibugay
7,868.6651 Chromite and other
associated mineral deposits
“Affiliate of Century Peak Metals Holding Corporation177” (with foreign equity178)
Apo Land and Quarry
Corporation
Naga and San Fernando,
Cebu
170.9886 Limestone and other
associated
“Under CEMEX Philippines Group of Companies' wing”179; CEMEX Philippines is a subsidiary of a Mexico-based firm with a global presence180
mineral deposits
Peniel Resources Mining
Corporation
Offshore areas of
Sanchez Mira,
Pamplona, Abulug,
Ballesteros, Aparri,
Buguey and Gonzaga,
Cagayan
14,860.0000 Magnetite and other
associated mineral deposits
US-based firm Nexsun Corp. has investments on Peniel181
T & T Resources and Mining
Corporation
Offshore areas of
Sanchez Mira,
Pamplona, Abulug,
Ballesteros, Aparri,
Buguey and Gonzaga,
Cagayan
14,710.0000 Magnetite and other
associated mineral deposits
US-based firm Nexsun Corp. has investments on T & T Resources and Mining182
J & M Resources and
Offshore areas 9,854.0000 Magnetite and US-based firm Nexsun Corp. has investments on J & M Resources and Mining183
Mining
Corporation
of
Abulug, Ballesteros,
Aparri, Buguey and
Gonzaga, Cagayan
other
associated mineral deposits
Aglubang Mining Corp.
Victoria, Oriental
Mindoro
863.9107 Nickel and other associated
mineral deposits
Subsidiary of Intex Resources ASA, a Norway-based firm 184
174 http://www.cemex.com/AboutUs/History.aspx
175 http://www.citicua.com/eng/businesses/mining.htm
176 http://bicoltoday.com/?p=2172
177 http://ph.news.yahoo.com/firm-breaks-ground-chromite-plant-20110315-092552-249.html
178 http://www.pse.com.ph/resource/corpt/2013/CPM_Top100_Mar2013.pdf
179 http://www.cemexphilippines.com/co/co_ac_hi.html
180 http://www.cemex.com/AboutUs/History.aspx
181 http://www.gmanetwork.com/news/story/200995/economy/nexsun-says-aquino-encouraged-it-to-invest-in-rp
182 http://www.gmanetwork.com/news/story/200995/economy/nexsun-says-aquino-encouraged-it-to-invest-in-rp
Alagag Mining Corporation
Sablayan, Occidental
Mindoro
3,474.7438 Nickel and other associated
mineral deposits
Subsidiary of Intex Resources ASA, a Norway-based firm185
Das-agan Mining Corporation
Lingig and Barobo,
Surigao del Sur
3,809.5449 Gold, copper and other
associated mineral deposits
Subsidiary of Australia-based Medusa Mining Ltd.186
Philex Gold Philippines, Inc. ;
and Rosario Mining
Development Company, Rosario
Consolidated Mining Corporation
and Sta. Irene Mining
Lianga and Barobo,
Surigao del Sur
6,207.6210 Gold and other associated
mineral deposits
Subsidiary187 of Philex Mining Corporation, a firm with foreign equity188
185 http://archives.pia.gov.ph/?m=12&fi=p080229.htm&no=64
186 http://www.asx.com.au/asxpdf/20120829/pdf/428c1kxjgn8b7g.pdf p.119
Corporation as Represented by
Philex Gold Philippines, Inc
173 http://www.cemexphilippines.com/co/co_ac_hi.html
183 http://www.gmanetwork.com/news/story/200995/economy/nexsun-says-aquino-encouraged-it-to-invest-in-rp
184 http://archives.pia.gov.ph/?m=12&fi=p080229.htm&no=64
187 http://www.philexmining.com.ph/about-us/corporate-profile
188 http://www.pse.com.ph/resource/corpt/2013/PX_Top100_Mar2013.pdf