dossier on philex mines - piplinksdossier+2nd+edition...philex mining corporation was established in...

DOSSIER ON PHILEX MINES

Focus on Benguet operations

By Arturo Boquiren

An implementation of a cooperation between Linis Gobyerno and Alyansa Tigil Mina

Views expressed in this documentation do not necessarily reflect

the views of Alyansa Tigil Mina nor the Linis Gobyerno

May 2009

ii

Table of Content

Section Page

I. Introduction 1

II. History of operation 3

III. Philex Mining Corporation today 6

IV. Geology, reserves, and mining method/processing

A. Geology 16

B. Reserves 19

C. Mining method/processing 20

V. Wastes and risks to the environment

A. Overview on Philex operation 30

B. Wastes, tailings ponds, and route of wastes 32

C. Risks to the environment 39

VI. Conclusions and recommendations 43

Bibliography 45

iii

LIST OF TABLES

Number Title Page

1 Philex tailings pond, expected useful life, area, capacity, and status

36

2 DENR-EMB description on water quality of rivers threatened by Philex

39

LIST OF FIGURES

Number Title Page

1 Incorporators and ownership of Philex Mining Corporation 3 2 Production in 1958 started at 800 tons per day 4 3 Philex Pacdal area in 1958 4 4 311 million tons milled in 48 years by Philex-Pacdal 5 5 Tax paid by Philex: P9.7 billion in 50 years, P485 million in 2006 5 6 Corporate structure of Philex Mining Corporation 7 7 Ownership of the Philex Mining Corporation over subsidiaries 8 8 Shareholders of the Philex Mining Corporation 9 9 Directors, officers, and staff of Philex Mining Corporation 10 10 Process flowsheet of milling and market outlet 11 11 Map showing land area covered by Philex mine operations 12 12 Map showing the MPSA and APSA of Philex mine operations 12 13 Assets and liabilities profile 13 14 Income profile 14 15 Taxes paid 1991-2006: P1.08 billion 15 16 Site of Philex mining operations and fault lines 16 17 Philex Mining Corporation illustration of Philex ore body 17 18 Vertical section of Sto. Tomas II ore body and milling plant 18 19 Location of Philex ore body 18 20 Reserves according to Philex mines 19 21 Characteristic of Philex ore body: massive 21 22 Overview on mining and milling method at Philex-Pacdal 21 23 Philex Mining method 1958-1963: open pit mining 22 24 Philex mining 1963-1996: block caving-slusher method 22 25 Philex mining 1996-present: block caving with load-haul-dump 23

iv

Number Title Page

26 Overview on Philex mine development 23 27 Horizontal driving in Philex mine development 24 28 Vertical driving in Philex mine development 24 29 Installing rock support in Philex mine development 25 30 Drilling of fan holes in Philex mine development 25 31 Drawpoints for ore in mine development 26 32 Overview on block-caving in mine operations 26 33 Ore extraction method 27 34 Scooping, loading, and dumping of ore 27 35 Subsidence at the ore body in mine operation 28 36 Backfilling operations on subsidence 28 37 Backfilling above active mining area 29 38 Milling flowsheet and transport to Poro Point for Japan or Leyte 29 39 Philex Mining Corporation ore body and mill 30 40 Close-up on Philiex Mining Corporation ore body and mill 31 41 Map on Philex ore body, mill, residential areas, and tailing ponds 32

42 Philex open pit mine, tailing ponds, and nearby areas on Google Earth

33

43 Tailing pond 1 undergoing rehabilitation as described by Philex 33 44 Philex open pit/ore body and tailings ponds 1, 2, and 3 34

45 Philex tailing ponds 1, 2, and 3 and link to body of water (Agno River)

34

46 Philex tailings pond 1 then and now 35 47 2006 vegetation profile of decommissioned tailings pond 1 35 48 Mine waste management in tailings pond 3 37 49 Tailings pond 3 is reported by Philex as its “active tailings pond” 38 50 Decommissioned Philex tailings pond 1and fishponds 40 51 Tilapia fish pond terraces at Omistic 41

52 Philex Mining Corporation and company perception of its own impact

42

53 A view on the Philex facilities and host community 42

v

ABSTRACT Philex Mining Corporation was established in Benguet in 1955 but mining operations

started in 1958. As of 2009, it has been in Benguet for more than 51 years. Mineral production started at 800 tons per day although mill capacity has been at 2,000 tons per day. Philex Mining Corporation 2008 income from gold, copper, and silver was around P 9.7 billion (P5.4b from gold, P4.3b from copper, and P85.1b from silver). The total hectares of land utilized to generate the income were 39,440 hectares (covering 14,256 in Benguet and 24,184 hectares in Surigao). This implies that Philex mining yields only P246,174 of revenues per hectare.

Philex Mines has mined and milled a total of 293.6 million tons of ore over 47 years, from 1958 to 2005. The Philex production generated a total of US2.6 billion through exports. By 31 December 2006, total ore milled reached 311 million metric tons and generated US$2.7 billion through exports. In contrast, Department of Science and Technology-Philippine Council for Agriculture, Forestry and Natural Resources Research and Development (DOST-PCARRD) sources say that gross income from saluyot production is higher at P640,000 per hectare.

During the 47 years, the company produced 3.248 million dry metric tons of concentrate

consisting of 824 million kilograms of copper, 146.9 million kilogram of gold, and 163 million kilograms of silver.

Based on geology, product, and production process, the following are some of the

environmental risks and issues in Philex mine operations: 1. Environmental impact and geohazard risks posed by mine ore body 2. Environmental impact and geohazard risks posed by tailings pond 1, 2, and 3 3. Adequacy of rehabilitation done for tailings pond 1 4. Existence of and adequacy of plans and resources for post-mining management of

tailings ponds 2 and 3 5. Risks posed by possible effluents from the Banget milling plant 6. Impact of Philex operations on the Albian Creek, Sal-angan Creek, Balog River, and

Agno River 7. Details on and soundness of the Philex mine rehab plan given Philex’s plan exit from

Benguet in 2012 8. Adequacy of the Philex rehabilitation fund given its level at P26.639 million as of 31

December 2009 Action on the eight (8) concerns and issues identified above is urgent given the

possibility that Philex may cease operating in Benguet or withdraw from some parts of Benguet in 2012. Based on the stockholder profile of Philex Mining Corporation, the following should be considered as possible pressure points or allies once Philex reneges or fails on its claim of commitment to “corporate responsibilities”, covering accountabilities related to the environment:

1. Social Security System (owner of a significant share of Philex) 2. The Roman Catholic Archbishop of Manila Based on supply and market structure, advocacy work can be undertaken in Canada,

United Kingdom, The Netherlands, and Japan. artboquiren may 2009

vi

Preface to the 2nd Edition The first edition of this work was finished April 2009. At that time, the report of the Philex Mining Corporation to the Securities and Exchange Commission was not available to the researcher. This edition factors in the report of the company to the Commission as well as improves the writing style and content of the first edition. The second edition failed to confirm the role of some banks in Philex operations and so adjustments were made for this. There will be succeeding editions of this work and works are ongoing to produce a sequel.

This edition as well as the first was unable to produce a deeper analysis of the environmental, social, and economic of Philex operations because of funding constraints---unfortunately notwithstanding the existence of institutions that have the resources and mandate to support studies related to the environment. Hopefully, one of them can support the production of a sequel as soon as possible especially because of the urgency of the concerns involved.

The author thanks the Alyansa Tigil Mina and the Linis Gobyerno for

making the study possible.

Dossier on Philex Mining in Benguet

I. Introduction

The aim of this work is to establish a dossier on Philex mining operation in Benguet. A dossier pertains to a database or sourcebook/source website/webpage that can be updated or on which additional data can be added. The dossier will focus on the environmental, economic, and social impact of Philex Mining Corporation.

The documentation will provide evidence whether or not large-scale mining is a reliable engine of development. The dossier will be extremely useful for formulating advocacy/pressure tactics and even a legal case against Philex Mines, whenever warranted especially once the company leaves Benguet or portions of Benguet.

Philex is the largest mining firm in the country and an International Standards Organization (ISO)-certified firm. If we are able to provide evidence that Philex did not significantly improve the quality of life in Benguet and show that even an ISO-certified firm degrades the environment in gold/copper mining, then we can argue that the smaller mining firms and those without ISO-certification will probably not do any better.

We can also provide evidence that an ISO-certification will not guarantee a so-called responsible mining, assuming that responsible mining does exist.

The research results will also enable civil society groups like the South Cotabato groups anticipate the likely impact of Sagitarius Mines when once it pursues mining in Tampakan, South Cotabato. Sagitarius Mines plans to produce almost ten times the annual output of Philex Mines in Benguet.

Philex Mines in Benguet has required 3 tailing ponds, a large tract of land for milling and company operations, and a San Roque dam. Other than this, the site of the ore body itself is probably a ground zero for ecological disaster. Thus, most likely, Tampakan mining in South Cotabato would have an environmental impact ten times of Philex mines. Therefore, data from this research are also urgent for the advocacy work of groups seeking an environment-friendly path to development in South Cotabato and elsewhere.

Research problem. The research problem that will be continually addressed by the dossier are as follows:

What has been its impact to the host communities? Did large-scale mining succeed in providing a good quality of life for its workers and host communities? What does evidence say? What are their impacts to workers? What are their impacts to its host communities? What are their impacts to the environment?

Being the largest mining company and being the company that is operated along international standards, how can we compare the quality of life provided by Philex

ATM/LGI a. boquiren May 2009 [email protected]

1

Mining Company to its workers and host communities? Would other economic endeavors have a better potential in providing a better quality of life for its workers and host communities? What does evidence say on the matter?

What are the prospects for a post-Philex economy when Philex decides to leave the community around 2012 or later? At the same time, what are accountabilities of Philex to its host communities? Is the allocation for rehabilitation adequate given its accountabilities?

Meanwhile, what is the firm, asset, liability, market, financial, and supply-chain structure of Philex? What opportunities do the structure presents for advocacy and pressure tactics of environmental-protection advocacy groups?

Scope and purpose of this initial edition. Although the research problem described earlier is the one that will be addressed by this dossier, information will have to be built up over time. The building up of dossier will be done through voluntary initiative as well as through research funded by donors.

Funding for research will allow a quick address of the concerns of this dossier. Further, it will allow an address of the research problem at a deeper level of inquiry as resources will be available for review of literature, interviews, key informant interviews, focus group discussion, data search, review of documents, and release time for an in-depth analysis of data.

The immediate concern of this edition is to identify the environmental risks posed by the mining operation of Philex based on a review of its mining operations as well as data available based on company documents and sources of information.

Further, this edition seeks to apply the methodology of SOMO. The SOMO methodology makes intensive use of internet sources to identify firm structure, market, and firm financial condition for the purpose of identifying the appropriate pressure points for lobby work.

In addition to the internet sources, however, maximized the use of company information as well as information that can be gathered from company reports to the Securities and Exchange Commission.

Of course, this edition will be updated and enriched through time. When possible, resources will be acquired so research can be made in-depth especially given Philex Mining Corporation possible exit in 2012.


2

II. History of operation

Philex Mining Corporation was incorporated in 1955. It is one of the relatively new large-scale mining companies in Benguet. Lepanto Mining Corporation operating in the Municipality of Mankayan, for example, has been in Benguet since 1936 while Benguet Corporation (known as Benguet Consolidated Mining Company in 1906 and Benguet Gold Mines in 1903) has been in Benguet for more than 100 years.

Figure 1. Incorporation and ownership of Philex Mining Corporation (Source: PMC 2007a)1

From incorporation of Philex Mining Corporation in 1955, mill and mine construction commenced. Mineral production started in 1958 at 800 tons per day. However, mill capacity was at 2,000 tons per day. Company data reported to the Securities and Exchange Commission say that ore extracted and processed from 1958 was 332.2 million tons by 2008 and produced 897.4 million kilograms of copper, 162.2 million grams of gold, and 177.9 million grams of silver.

Company data say that, as of 31 December 2006, total ore milled reached 311 million metric tons and generated US$2.7 billion through exports. A 26 February 2005 report of The SunsStar says that from a deposit of 18 million tons and after mine and mill expansion, Philex Mines mined and milled a total of 293.6 million tons of ore over 47 years, from 1958 to 2005. Philex generated a total of US2.6 billion through exports during the period. Further, during the 47 years, SunStar also say that the company produced 3.248 million dry metric tons of concentrate consisting of 824 million kilograms of copper, 146.9 million kilogram of gold, and 163 million kilograms of silver.

1 PMC is Philex Mining Corporation.


3

The main site of Philex mining operations, from its establishment until today, is the Sto. Tomas II ore body in Pacdal, Tuba, Benguet. Pacdal Mine, as the mining site is also known, used to be a completely logged-out old sawmill.

Figure 2. Production in 1958 started at 800 tons per day (Source: PMC 2007b)

Figure 3. Philex Pacdal area In 1958 (Source: PMC 2007b)


4

Figure 4. 311 million tons milled in 48 years by Philex-Pacdal

(Source: PMC 2007b)

Figure 5. Tax paid by Philex: P9.7 billion in 50 years, P485 million in 2006

(Source: PMC 2007b)

Philex Mines is proud to be the first mining company in the Philippines to have earned the International Standard Organization (ISO) 14001 certification, making Philex the first Philippine mining company to earn the certification. Philex claims to have successfully reforested watershed, open, denuded, and poorly stacked forestlands with an area of 1,540 hectares as of 2005.


5


6

III. Philex Mining Company today

A. Corporate Structure

According to the 2009 report of independent auditors (SGV & Co/Ernst & Young) and other documents of the Philex Mining Corporation:

Philex Mining Corporation (see www.philexmining.com.ph) was incorporated in the Philippines in 1958. It is a parent company with the following direct subsidiaries (the parent company and its direct subsidiary are oftentimes referred to as the Philex Group):1) Philex Gold Philippines, Inc.: PGPI is an 81%-owned subsidiary of the

parent company through holding companies and incorporated in the Philippines. However, PGPI was incorporated under the laws of Alberta, Canada and is primarily engaged in the exploration and development of oil, gas, and minerals.

2) Brixton Energy & Mining Corporation: BEMC is a wholly owned subsidiary of the parent company and incorporated in the Philippines

3) Philex Petroleum Corporation: Philex Petroleum is a 51%-owned subsidiary of the parent company and was incorporated in the Philippines

4) FECR (formerly Forum Energy Corporation, see www.fecresources.com and www.sedar.com): FECR is a 50.67%-owned subsidiary of the parent company and incorporated under the laws of Alberta, Canada.

The parent company or Philex Mining Corporation, Philex Gold Philippines, Inc. (PGPI) and its subsidiaries, and Brixton Energy & Mining Corporation are primarily in large-scale exploration, development, and utilization of mineral resources.

The parent company (Philex Mining Corporation) operates the Padcal Mine in Benguet. Philex Mining Corporation and subsidiaries derived their income mainly from the Padcal Mine. Income from petroleum operations and other sources are insignificant to Philex Mining Company and subsidiaries as of March 2009. Padcal Mine is on its 51st year of operation producing copper, gold, and silver as its principal products.

PGPI operated the Bulawan Mine in Negros Occidental until the second quarter of 2002. PGPI appears to have its own subsidiaries and this is a subject for further inquiry. PGPI has a number of mineral properties throughout the Philippines at various stages of exploration. Its focus since 2001, however, has been on its “North property” where the Boyongan deposit, a major copper-gold porphyry in Surigao del Norte, was discovered in August 2000 through a joint venture with Anglo American Exploration Philippines B.V. (Anglo). PGPI owns the Boyongan deposit.

BEMC has a coal property under pre-development in Zamboanga del Norte.


7

Philex Petroleum Corporation and FECR are engaged in oil and gas operation and exploration activities. Both participate in oil and gas production and exploration activities through investee companies.

Figure 6. Corporate structure of Philex Mining Corporation (Source: www.philexmining.com.ph, April 2009)

In turn, the subsidiary companies of Philex Mining Company acquired the following companies as their subsidiaries:

FECR owns 29.78% of Forum Energy Plc or FEP (FEP can be searched in Google Finance and http://investing.businessweek.com. FEP is a United Kingdom company incorporated in April 2005 through the consolidation of the Philippine assets of Forum Energy Corporation and Sterling Energy Plc (“SEY”) of the UK. FEP has just closed a US$6.2 million pre-IPO financing and a US$19.35 million IPO financing and is listed on the AIM market of the London stock exchange. FEP has a portfolio of oil and gas exploration projects in the Philippines. The portfolio includes contracts with existing infrastructure, production, and proven hydrocarbon potential. FEP also holds coal operation contracts in Central and Southern Cebu.

Lascogon Mining Corporation (LMC) was incorporated in 2005 to engage in the exploration, development, and utilization of mineral resources.

Philippine Gold Mining Company B.V. (PGMC-BV): incorporated in Netherlands. This company has been the intermediary holding company of Philex Gold Inc (source: page 5 of the SGV & Co/Ernst and Young Independent Auditors Report to stockholders).


8

The other subsidiaries of Philex Mining Corporation are: Philex Land, Inc. (PLI): engaged in the business of owning, using,

developing, subdividing, selling, exchanging, leasing, and holding real estate of all kinds covering buildings, houses, apartments, and other structure

Fidelity Stock Transfer, Inc. (FSTI): agency firm for stock transfers. Philex Insurance Agency, Inc. (PIAI): general agent for domestic and foreign

companies in the non-life insurance business. However, this company was reported to be dormant.

In its report to the stockholders of Philex Mining Corporation (the report was also forwarded to the Securities and Exchange Commission in 2009), SGV & Co and Ernst and Young in early 2009 reported that the following constitutes the ownership of firms of the Philex group:

Figure 7. Ownership of the Philex Mining Corporation over subsidiaries(for meaning of the acronyms, see 3-page discussion immediately before the table)

B. Shareholders and management

The April 2009 Philex Mining Corporation’s report to the Securities and Exchange Commission of the Philippines indicates that the second largest owner of Philex is the Social Security System (SSS) with 20.27% share. According to the same document, there are 46,578 stockholders of Philex Mining Corporation, in which 35.64% of the outstanding shares are owned by foreign nationals and institutions.

As indicated in Figure 8, some shareholders utilize PCD nominees (or nominees of the Philippine Central Depository system), but prerogatives remain in the shareholder and not with the PCD nominee. SSS ownership in Philex Mining Corporation can be higher because of its participation in the PCD. The


9

other participants in the PCD are the Asia Link B.V. (20.063%) and the Hong Kong and Shanghai Banking Corporation, Ltd. (8.716%).

Figure 8. Shareholders of the Philex Mining Corporation in 2008(Source: PMC Report to the Securities and Exchange Commission, April 2009)

The officers and directors leading the company Walter Brown, Albert Awad, Thelmo Cunanan, Eulalio Austin, Renato Migrito, Guadaflor Malonzo, and the rest (see Figure 9 next page) are believed to collectively hold no more than 2% of the company. However, their collective control over the company can be higher because only 82.32% of Philex has clear ownership and the rest of the voting rights can be assigned to the board via a proxy assignment.

Walter H. Brown, in his late 60s, Filipino citizen is Board Chairman and Chief Executive Officer of Philex since 2004. He was an officer of Philex since 2003. He is also the Chairman of PGI and PGPI. Eulalio B. Austin, in his late 40s, has been a leading officer of Philex since 2004 and has been in the Philex management since 1996. In May 2009, Philex revealed that Romulo Neri (Filipino citizen), Robert Nicholson (English citizen), Roberto Ongpin (Filipino citizen), and Manuel Pangilinan (Filipino citizen) joined the PMC Board of Directors.


10

Figure 9. Directors, officers, and staff of Philex Mining Corporation(Source: www.philexmining.com.ph, accessed April 2009)

C. Market and Suppliers

Philex procure some of it its supplies through its host communities However, according to www.mining-technology.com, Philex secures a large part of its supply needs from the Crushing and Mining Equipment PTY Limited of Perth, Sydney, and Brisbane of Australia.

The Philex produce from its Benguet operation are copper concentrates that contain copper, gold, and silver. The copper concentrates are smelted by other companies. In contrast, however, the Bulawan gold mine produce bullions containing gold and silver that are refined either by the Bangko Sentral ng Pilipinas Mint and Gold Refinery or sent by freight and refined by Johnson Matthey Plc of England.

Figure 10 of the next page indicates that Philex produce from the Benguet operation are shipped to Japan or Leyte. According to the www.tradingmarket.com in April 2009, Philex primarily produces copper concentrates (containing copper, gold, and silver) that are transported via sea freight and smelted in Kyushu Island, Japan, in the Saganoseki smelter of Pan Pacific Copper Co., Ltd. The latter is a joint venture between Nippon Mining Co. Ltd. and Mitsui Mining and Smelting Co. Ltd.


11

A part of the Philex produce is shipped to L.D. Metals, Ltd., a firm registered in the United Kingdom under registration number 04382295, Companies House in 2002 (see www.ukdata.com/numbers/04382295.html).

Figure 10. Process flowsheet of milling and market outlet (Source: PMC 2007b)

Philex ships a portion of its copper concentrates to the Philippine Associated Smelter and Refinery (PASAR). PASAR operates a copper smeltingand refining company in Isabel, Leyte Island, Leyte Province. According to the Association for Mineral Economics (see www.ame.com.au), PASAR is owned by Glencore and International Finance Corporation (IFC). Glencore is a Swiss commodities firm while IFC is an arm of the World Bank group. Internet sources say that foreign sales from copper concentrates from the Benguet operation are divided almost on a 50-50 basis between Japan and England.

D. Offices, facilities, tenement area, and land utilization

Philex maintains its head office at:

Philex Building27 Brixton Street, Pasig City, Philippines

The other contact details of the company are

Email: [email protected]: www.philexmining.com.ph


12

Figure 11. Map showing land area covered by Philex mine operations (Source: PMC 2007a)

Philex mining covers a total tenement area of 14,256 hectare. Around 7,776 hectares are covered by a mineral production sharing agreement.

Figure 12. Map showing the MPSA and APSA of Philex mine operations (Source: PMC 2007c)

The other facilities of Philex Mining Corporation are the milling and mine site in Padcal, Camp 3, Tuba, Benguet Province and the tailing ponds in Itogon, Benguet. Of course, it has facilities in Poro Point, San Fernando, La Union.


13

Meanwhile, Figure 12 of the earlier page indicate that the mining contracts covering tenements occupied by Philex that enable Philex to pursue its mining operations are as follows:

1. Mineral Production Sharing Agreement (MPSA)-156-2000-CAR2. Mineral Production Sharing Agreement (MPSA)-157-2000-CAR3. Application for Production Sharing Agreement (APSA) 684. Application for Production Sharing Agreement (APSA) 29

E. Assets and liabilities profile

Figure 13. Assets and liabilities profile(Source: SGV& Co/Ernst & Young 2009 independent auditor’s report)

Figure 13 indicates that a part of the assets of Philex Mining Corporation consist of investments in shares of stocks (P260.28 million) and available-for-sale (AFS) financial assets (P378.8 million). The two have a total of P639.08 million or about 3 % of the total assets of the company.

Only P26.6 million is being allocated by Philex Mines for mine rehabilitation.


14

F. Income profile

Figure 14. Income profile (Source: SGV& Co/Ernst & Young 2009 independent auditor’s report)

Figure 14 indicate that the total 2008 income from gold, copper, and silver of Philex Mining Corporation is around P 9.7 billion (around P5.4b from gold, P4.3b from copper, and P85.1b from silver). The total hectares of land utilized to generate the income is 39,440 hectares (covering 14,256 in Benguet and 24,184 hectares in Surigao). This implies that Philex mining yields only P246,174 of revenues per hectare.

In contrast, Department of Science and Technology-Philippine Council for Agriculture, Forestry and Natural Resources Reserarch and Development (DOST-PCARRD, 20 March 2009) sources say (see http://blog.agriculture.ph)


15

that even saluyot production can beat the gross income realized from Philex mining at P640,000 per hectare.

G. Taxes and LGU dependence

Figure 15. Taxes paid 1991-2006: P1.08 billion (Source: PMC 2007b)

Figure 15 above indicates that total taxes paid by Philex mines to the government in 16 years reached P1.08 billion or about P68 annually. Nevertheless, the data on Figure 14 page 14 of the earlier page indicate the mineral product taxes, royalties, and income taxes are around only 11% of the gross income from mining.

IV. Geology, reserves, and mining method/processing

A. Geology

The mountain ranges of Northern Luzon, of which the site of Philex mining operation is part, belongs to a volcanic arc terrain. Gold and copper mineralization is often associated with volcanic rocks as well as with faults in the earth’s crust. In fact, the location of the ore body that is the main subject of mining operations by Philex is actually crissed-crossed by fault lines. The most notable of the fault lines are the Albian and Sta. Fe faults.

Thus, it is not be surprising for Philex gold and/or copper production to be associated with geo-hazard risks vis-à-vis volcanic or earthquake activity.

Figure 16. Site of Philex mining operations and fault lines (Source: PMC 2006c)

ATI/LGI a. boquiren May 2009 [email protected]

16

Figure 14 below gives us a close-up of the Sto. Tomas Ore body that is the main site of Philex mining operation.

Figure 17. Philex Mining company illustration of Phlox ore body: Sto. Tomas ore body is directly along the Albian and Sta. Fe faults (Source: PMC 2006c)

As indicated by the figure above, the Sto. Tomas Ore Body of Philex Mines lies directly along the path of the Albian and Sta. Fe fault lines. A sharp movement along the fault line can result to a geological disaster.

In the future, we will analyze Figure 14 further as we compare the map with ground data. We will also analyze deeper all the figures in this work as they are probably indicative of the risks to the environment posed by the Philex mining operations. The figures in this work probably contain information more than what are obvious.

Figure 18 on the next page indicate the proximity of the Philex milling plant to the Sto. Tomas II ore body. The ore body is actually the site of the old open pit mining of Philex. Underneath the site of the old open pit mine, Philex underground mining continues.


17

Philex Ore Body (Sto. Tomas II)

Figure 18. Vertical section of Sto. Tomas II ore body and milling plant: blue blocks are mined-out, red blocks are producing, and green block is virgin (Source: PMC 2006c)

Figure 19. Location of Philex ore body: Philex Mines’ PowerPoint (Source: PMC 2006c) above suggest s that the Sto. Tomas ore body is approximately at N16º16’ E120º32’. However, as

discussed in Chapter 5, the ore body is likely at 16º15’45.62” North 120º37’18.87” East


18

B. Reserves

Figure 20. Reserves according to Philex Mines (Source: PMC 2007b)

Figure 20 above comes from the public PowerPoint presentations of Philex Mines. The figure claims that Philex will be operating only up to 2012 when no new ore discoveries are made. This schedule coincide with the maximum mine tailing pond life of 20 years of Philex tailings pond 3. Thus, if the company shuts down by 2012, it is important to find out how the 3 tailing ponds (1, 2, and 3) will be managed, especially tailings pond 2 and 3. Tailings pond 1 must also be inspected for any instability.


19

PHILEX MINING CORPORATIONSTO. TOMAS II OREBODYPadcal, Camp 3, Tuba, Benguet

Year Discovered : 1955Year Production : 1958

Initial Ore Reserve 18.0MT @0.90%Cu; 0.98gAu/t

Initial Production 800TPD @0.80%Cu; 1.0gAu/t

Total Geologic Resource since start:

368 Million DMT @0.30%Cu; 0.60 gAu/t

Geologic Resource Remaining as of January 1, 2006 95.8 Million DMT @ 0.28%Cu; 0.68gAu/t

Production History (from start to December 31, 2005) Tons Milled : 302.2 M DMT %Cu : 0.33 gAu/t : 0.56 Copper Conc. Produced : 3.324 M DMT Copper Kgs. Produced : 840.6 M Gold Gms. Produced : 149.5 M

Silver Gms. Produced : 165.9 M

C. Mining method/processing

Figure 21 on the next page that comes from a set of Philex PowerPoint Slides indicates a bias of the company for open pit mining. An educational and research site on precious metals, www.aboutpreciousmetals.com, defines open pit mining as a method of extraction done by digging a large hole in the ground and removing the ore. According to the educational site, the walls of the mine are dug out in steps or benches to provide a stable structure to the pit walls and allow maneuver for earth moving machinery as the pit is expanded. The site also says that before ores can be removed, they need to be broken up into manageable pieces by drilling holes into rocks and filling them up with explosives.

On the other hand, according to http://technology.infomine.com (April 2009), block-caving extends open pit mining in the underground through caving and extraction of massive volumes of rock that translate into surface depressions. In block caving, underground tunnels are constructed towards underground haul points where the rocks above are broken down and dropped to haul points below. From the haul points, the ore are transported into the milling plant. Figure 24 and 25 (pages 22-23) illustrate block caving methods.

As admitted by Philex Mining Company through its PowerPoint Slides, open pit mining was the method of mining used by Philex Mining Corporation from 1958 to 1963 when ore was extracted at the rate of 800 million metric ton per day (MTPD).

In 1963-1996, Philex mining used slusher-scraper machines in their block-caving operations and so the mining method is called blocking caving-slusher method today. This is illustrated by Figure 24 on page 22.

Finally, beginning 1996, the block caving system of mine operation used load-haul-dump units and the mining methodology is called today as block caving-load haul dump or LHD. This is illustrated in Figure 25 on page 23. LHD refers to Load-Haul-Dump and is one variation of the block-caving mining method. In particular, LHD refers to the loading, hauling, and transport of the ore via dump trucks or transport vehicles.

According to the World Gold Council (www.trustingold.com, 2009) composed of gold miners around world, block-caving is the one with the lowest cost of all mining methods except when compared to open pit mining. Charles Kubach (www.mine-engineer.com, 2009), world renowned mining engineer, considers open pit mining as the mining method with the lowest cost.


20

Thus, Figure 22 (page 21) basically summarizes that the main products of Philex operations are gold, copper, and silver. The mining method used is block caving-load/haul/dump while the milling method used to turn ore into copper concentrates is flotation.

Data are yet unavailable on how Philex Mines dispose of its gold and silver as well as its other by-products: magnesium, iron, bismuth, manganese, nickel, cobalt, cadmium, chromium, mercury, platinum, and palladium.

Figure 21. Characteristics of Philex ore body: massive (Source: PMC 2006c)

Figure 22. Overview on mining and milling method at Philex-Pacdal (Source: 2007a)


21

Figure 23. Philex mining method 1958-1963: open pit mining (Source: PMC 2006a)

Figure 24. Philex mining 1963-1996: block caving-slusher method (Source: PMC 2006a)


22

Figure 25. Philex mining 1996-present: block caving with load-haul-dump (Source: PMC 2006a)

SunStar (2 February 2005) describes the LHD or load, haul, and dump of the Philex mining method this way: ore is drawn by the load-haul-dump or LHD units then transported to the mill through cable belt conveyor system, 2.7 kilometers away from the ore body. SunStar reports further that the milling process of Banguet Concentrator utilizes three stages of crushing that creates a final product of copper concentrate described as “73% minus 10 mm.”

Developing mines from which ores can be gathered involves the following processes: horizontal and vertical driving, installation of rock support, drilling of fanholes, excavation of trenches, and undercutting. Figures 26-31 on pages 23-26 are illustrative.

Figure 26. Overview on Philex mine development (Source: PMC 2006a)


23

Figure 27. Horizontal driving in Philex mine development (Source: PMC 2006a)

Figure 28. Vertical driving in Philex mine development (Source: PMC 2006a)


24

Figure 29. Installing rock support in Philex mine development (Source: PMC 2006a)

Figure 30. Drilling of fan holes in Philex mine development (Source: PMC 2006a)


25

Figure 31. Drawpoints for ore in mine development (Source: PMC 2006a)

After a mine has been developed, production commences. Production involves scooping, breaking rocks to get the ore, handling the ore, crushing the ore, and conveying the ore. Figures 32-34 of pages 23-27 are illustrative.

Figure 32. Overview on block-caving in mine operations (Source: PMC 2006a)


26

Figure 33. Ore extraction method (Source: PMC 2006a)

Figure 34. Scooping, loading, and dumping of ore (Source: PMC 2006a)


27

Figure 35. Subsidence at the ore body in mine operation (Source: PMC 2006a)

Figure 36. Backfilling operations on subsidence (Source: PMC 2006a)

As discussed earlier, Figure 17 of page 17 indicate that the Sto. Tomas II ore body is along the Albian and Sta. Fe faults. Based on Figures 35 and 36 above and Figure 37 of page 29, it is clear that the block caving-LHD mining method currently used by Philex mines involve the backfilling of subsidence areas. An important question to ask, therefore, is:


28

what are the risks and how can we monetize the value of the risks involved in Philex mining given that the country lie along the Pacific ring of fire that is vulnerable to frequent earthquakes and given that the Philex ore body are crisscrossed by two fault lines?

Figure 37. Backfilling above active mining area (Source: PMC 2006a)

Figure 38. Milling flow sheet and transport to Poro Point for Japan or Leyte (Source: PMC 2007b)


29

V. Wastes and risks to the environment

A. Overview on Philex operation

Figure 39. Philex Mining Corporation ore body and mill (PMC 2007b)

As discussed earlier, the milling plant is around 2.7 kilometers away from the ore body (Sto. Tomas II deposit). Philex reports that the ore body is in Pacdal, Municipality of Tuba, Benguet Province. On the other hand, CADT (Certificate of Ancestral Domain Title) holders report that the Philex tailings ponds are in the Municipality of Itogon, Benguet. Thus, effectively, Philex mine operations are not only in the Municipality of Tuba but also in the Municipality of Itogon. Philex mining facilities or infrastructure straddle in the two municipalities: Tuba and Itogon.

As indicated by Figure 40 of the next page (and also by Figures 18 and 20 of pages 18 and 19), the Philex ore body is below (or in the underground of) the site of open pit mining done several years ago. Figure 20 page 19 of Chapter 4 indicate the outline of open pit mining operations vis-à-vis current mining operations done underground.


30

Figure 40. Close-up on Philex Mining Company ore body and mill (PMC 2007b)


31

B. Wastes, tailing ponds, and route of wastes

Figure 41. Map on Philex ore body, mill, residential areas, and tailing ponds (Source: PMC 2007b)

SunStar (2 February 2005) reports that in Philex operations, around 28,000 tons of ore are milled daily but only 200 to 230 dry metric tons of copper are produced daily. The rest becomes the mine tailings impounded on the tailing ponds. As mentioned, Philex Mines has three tailing ponds: tailing ponds 1, 2, and 3.

Analyzing Figure 42 page 33, the earth position of the Philex ore body/open pit mine is approximately in the vicinity of 16º15’45.62” North 120º37’18.87” East. Based on the shape of Philex tailing pond 1 on Figures 43 and 47, pages 33 and 35, as well as Google Earth picture on Figure 42, Philex tailings pond 1 is in the vicinity of 16º15’53.08” North and 120º39’16.79” East.

Based on the location of Philex tailing pond 2 on Figure 41 above and Google earth picture on Figure 42, tailing pond 2 is approximately in the vicinity of 16º15’16.62 North and 120º39’43.84” East. Finally, based on Figure 41 and Google Earth image on Figure 42, Philex tailings pond 3 is approximately in the vicinity of 16º14’31.34 North and 120º40’45.48” East.

Figure 42 indicates that tailing ponds 2 and 3 are connected and Figure 45 page 34 indicates that both tailing ponds ultimately discharge into the Agno River. As early as 2001, the Department of Environment and Natural Resources-Cordillera (DENR-CAR) has identified the three tailing ponds of Philex Mining


32

Company as among the seven geo-hazards of mining in the region of the Cordillera, Philippines.

Figure 42. Philex open pit mine, tailing ponds, and nearby areas on Google Earth

(labels above are from Google Earth)

Figure 43. Tailing pond 1 undergoing rehabilitation as described by Philex (Source: PMC 2007b)


33

Figure 44. Philex open pit/ore body (Sto. Tomas II) and tailing ponds 1, 2, and 3

Figure 45. Philex tailing ponds 1, 2, and 3 and link to body of water (Agno River)


34

Figure 46. Philex tailings pond 1 then and now: 26 hectares, expected useful life

was 10 years, closed in 1981 (Source: PMC 2007b)

Figure 47. 2006 vegetation profile of decommissioned Philex tailing pond 1 (Source: PMC 2007b)


35

Table 1 indicates the expected useful life, area, capacity, and status of Philex Mines’ three tailings ponds.

Table 1 . Philex tailings pond, expected useful life, area, capacity, and status

Tailing Pond/Dam

Expected Years of

Useful Life

Surface Area

(hectares)

Designed Impounding Capacity (in metric tons) Status

Tailing Pond #1 10 26.16 85,259.975 Closed in 1981

Tailing Pond #2 11 28.19 72,067,331 Closed in 1992

Tailing Pond #3 18-20 63.08 142,000,000 ActiveSource: Boquiren 2006:63 based on DENR-CAR data in April 2006

Tailing ponds 1 and 2 are already decommissioned while tailing pond 3 is reported by the company as its only “active” pond. Philex tailings dam 1 was constructed in 1967 but decommissioned in 1981. DENR records say that its useful life is only 10 years. On the other hand, the dam walls of Philex tailings pond 2 (Padcal, Tuba, Benguet) collapsed in January 1992 because of “foundation failure.” The collapse resulted to the release of 80 million metric tons of tailings to the environment. Although Philex tailings dam 2 was already decommissioned, Philex reported (April 2009) that tailings pond 2 toe dam has been buttressed for stability. Philex brags that all the three ponds, including those decommissioned, are regularly being monitored by a multipartite monitoring team. Through www.philex.com.ph (April 2009), Philex reported that a total of 9.07 million tons of mill tailings were impounded in tailings pond 3 in 2007, bringing total tailings impounded since the ponds’ commissioning in 1992 to 127.23 million tons. According to the company, the dam embankment of tailing pond 3 is continuously being built-up by Philex Mines to maintain a freeboard of 5 meters at the mine dike. The company also said that earthworks for a 32-meter spillway of the pond were done in 2007 to serve as additional drainage when the pond ceases operation.

Analyzing Figures 46 and 47 of page 35, we see that it took 20 years for negligible vegetation to appear in the tailings pond 1 after being decommissioned in 1981. Thirty years after and it is obvious that the tailing pond continues to be unproductive and a wasteland. Counting approximately 10 years during which the pond had served as a mine tailings pond, Figures 46 and 47 indicate that tailing ponds would be unproductive for at least 40 years when used as tailing ponds. This documentation has no pictures yet of Philex tailings dam 2 but we can expect that most likely the situation of Philex tailings pond 2 is much worse than the situation of Philex tailings pond 1. Meanwhile, how are mine tailings managed in Philex tailings pond 3? The figures on the next two pages are instructive.


36

Figure 48. Mine waste management in tailings pond 3 (Source: PMC 2007b)

The illustration above from Philex itself describes how mine tailings are managed in tailings pond 3. Obviously, some of the environmental risks that can be associated with Philex tailings pond 3 are the dissolved chemicals and heavy metals in the effluents from the tailing pond as well as the chemicals and heavy metals from the mine tailings deposited in the tailing pond.


37

DECANTATION TAKES PLACESEDIMENT SETTLES & CLEAR WATER FLOWS TOWARDS PENSTOCK

TAILINGS DEPOSITED IN POND

TAILINGS CONVEYED VIA PIPELINE FROM TAILINGS TUNNEL

DECANT WATER FLOWS THROUGH DECANT TUNNEL

Figure 49. Tailings pond 3 is reported by Philex as its “active tailing pond” (Source: PMC 2007b)

Figure 49 above depicts Philex tailings pond 3. Boquiren 2006:63 says that according to Department of Environment and Natural Resources (DENR) documents, tailings pond 3 has a life of 18-20 years. If we mark 1992 as the start of operation of tailings pond 3, then the tailing pond has to be decommissioned in 2010 or around two years in 2012.

Philex has not reported any additional tailings pond and its mining operations are likely to continue for at least several more years. This indicate that in a few years’ time, it is highly likely that there will direct dumping of wastes from Philex Mines into the Benguet rivers unless Philex cease operating.

Based on information from Philex Mining Corporation provided by Figure 20 page 19, Philex mining operation foresees that it may cease operating in 2012. Philex by then will be leaving at least 3 tailing ponds with an aggregate size of no fewer 117 hectares from the tailing ponds as wastelands, not counting a surface area of several hectares covering the site of the Philex open pit and underground mining.


38

C. Risks to the environment

Based on DENR-EMB data and Boquiren 2006:65-66, the rivers or water bodies directly threatened by possible pollutants from Philex Mines are as follows:

1. Albian Creek : at risk because the creek emanates from the subsidence area of the open pit mine of Philex

2. Sal-angan Creek : at risk because the creek lies along the paths of two non-operational mine tailing ponds (Philex tailings pond 1 and 2)

3. Balog River : at risk because effluents from Philex tailings pond 3 converge with this river

4. Agno River : at risk because the Balog River eventually drains into the Agno River and San Roque Dam

Notes on the water quality of the said creeks and rivers are indicated by the table below:

Table 2. DENR-EMB description on water quality of rivers threatened by Philex River and Location

Features and water quality

Albian Creek

A tributary of Agno River in Ampucao, Itogon, Benguet. Emanates from the subsidence area of Philex Mining Company and underground water from Level 1170. The creek is nourished by the Bomolo creek and other intermittent creeks converge with the Albian Creek. Water quality: still within the water quality criteria for Class A freshwaters as to pH, DO, and TSS. Analyses on dissolved metals and total dissolved solids on the river are unavailable.

Sal-angan Creek

A tributary of Agno River in Ampucao, Itogon, Benguet. Originates from the mountain ridges of Barangay Ampucao; converges with the Albian creek at Sal-angan, Ampucao and discharges into Barangay Dalupirip in Itogon. Within the criteria for Class A as to pH, DO and TSS. The river is along the two non-operational mine tailings dam of the Philex mines: Philex tailing ponds 1 and 2. Data on total dissolved solids and heavy metals on the river are unavailable.

Balog River

A tributary of Agno River in Ampucao Itogon, Benguet. A number of creeks upstream converge with this river. Effluents from tailings pond 3 of Philex Mining Company converge with this river and drains into San Roque Dam. Nevertheless, the river is still within the criteria for class A as to pH, DO and TSS. Meanwhile, pictures in the possession of the Cordillera People’s Alliance (CPA) indicate that pH levels are maintained through lime treatments. TDS concentrations of the company’s effluents as well as those of the Balog River are beyond the effluent standards for class A.

Agno River

Biggest river system in Benguet. Headwaters: Loo River in Buguias and Baayan River in Kabayan, both in Benguet. Meanders through Kabayan, Bokod, and Itogon, all in Benguet, then goes to the province of Pangasinan and finally into the Lingayen Gulf. The tributaries from Itogon include the Albian and Sal-angan Creeks and Balog River. Visually clear waters are reported by the DENR-CAR to characterize the main river, including the tributaries. The TSS, TDS, pH, and DO concentrations are reported to conform to the minimum water criteria. Gold panning that affects water turbidity along Ambalanga river are reported by DENR-CAR. There is recognition that the river is not only a source of gold but also of freshwater food. Farming is major livelihood in upstream portion while fishing is a source of livelihood midstream and downstream of the river.

Source: Boquiren 2006:65-66 based on DENR-EMB data

The risks of Philex mine operations can be assessed further if we study the Albian and Sal-angan creeks deeper and identify the aboveground and underground exit points of the creek waters. Hydrology studies will be helpful.


39

Sal-angan/Banget and Omistic Fishponds

In an attempt to project a positive image on its environmental impact, Philex Mines funded the establishment of fishponds in Sal-angan and Omistic in Itogon, Benguet Province. However, the fishponds are actually not along the path of the active tailings pond 3 but along the path of inactive tailings ponds 1 and 2. The fishponds are not at risk to active mine operations but tailing ponds 1 and 2 may or may not be affecting fishpond water quality, depending on the water source tapped for the fishpond. There is no study on this at the moment.

Inactive tailing ponds can have heavy metals or underground acid mine drainage. Fishes can ingest the heavy metals and consumption by humans of fishes that ingested heavy metals can result to the bioaccumulation of metals in the human body. On the other hand, there are species of fishes that are resistant to copper toxicity and some of the fish species can have adults that are resistant to toxicity even if their larvae are not.

Figure 50. Decommissioned Philex tailings pond 1 and fishponds (Source: PMC 2007b,note similarity of depiction of tailing pond with those in Figures 43 and 47 pages 33 and 35)


40

To have a deeper understanding of the impact of Philex mining to the environment, we have to assess if the fishpond production at Sal-angan and Omistic (both of Itogon, Benguet Province) are commercially viable, if fish production in the said areas are as high as the fish produced in non-polluted waters, and if fishes from the fishponds do or do not have large quantities of heavy metals in their bodies that can be passed on to humans via “bioaccumulation.”

Bioaccumulation is the process that takes place when heavy metals accumulate in the body as humans or organisms that are up in the food chain eat plenty of the fishes and plants or organism in the lower part of the food chain with heavy metals in their bodies (see the March 2009 issue of Environmental Science and Technology Briefs for Citizens in www.engg.ksu.edu).

Figure 51. Tilapia fish pond terraces at Omistic (Source: PMC 2007b,source of water unclear if contaminated by Philex tailing pond 1)

Another that has to be investigated is the risk posed by the mining method of Philex (see page 28 to 29) that backfills mining site. It is extremely important to study the risks involved with the mining method given that the site of ore is also along a fault line (see page 17).


41

Meanwhile, Figure 52 indicates that Philex also believe its greatest impact will be in communities where the mill, tailing ponds, and ore body are located.

Figure 52. Philex Mining Corporation and company perception of its own impact (Source: PMC 2007b)

Figure 53. A view on the Philex facilities and host community (source: Philex Mines Corporation)


42

43

VI. Conclusions and recommendations for advocacy

Based on geology, product, and production process, the following are some of the environmental risks and issues in Philex mine operations:

1. Environmental impact and geohazard risks posed by mine ore body 2. Environmental impact and geohazard risks posed by tailings pond 1,

2, and 3 3. Adequacy of rehabilitation done for tailings pond 1 4. Existence of and adequacy of plans and resources for post-mining

operations management of tailings ponds 2 and 3 5. Risks posed by possible effluents from the Banget milling plant 6. Impact of Philex operations on the Albian Creek, Sal-angan Creek,

Balog River and Agno River 7. Details on and soundness of the Philex mine rehabilitation plan given

Philex’s possible exit from Benguet in 2012 8. Adequacy of the Philex rehabilitation fund given its level at P26.639

million as of 31 December 2009 Action on the eight (8) concerns and issues identified above are urgent

given the possibility that Philex may cease operating in Benguet or withdraw from some parts of Benguet in 2012. Based on the stockholder profile of Philex Mining Corporation, the following should be considered as possible pressure points or allies once Philex reneged or fails on its corporate responsibilities, covering accountabilities related to the environment.

1. Social Security System (owner of a significant share of Philex) 2. The Roman Catholic Archbishop of Manila (0.07% ownership)

For advocacy work abroad, the following are some of the pressure points based on market and suppliers’ profile of Philex Mining Corporation:

1. Canada

In Canada, FECR can be a target. FECR (formerly Forum Energy Corporation, see www.fecresources.com and www.sedar.com) is a 50.67%-owned subsidiary of the Philex Mining Corporation and was incorporated under the laws of Alberta, Canada.

Another possible target is Philex Gold Philippines, Inc. or PGPI. PGPI is

an 81%-owned subsidiary of Philex Mining Corporation through various holding companies that were incorporated in the Philippines. However, PGPI itself was


44

incorporated under the laws of Alberta, Canada. The company is primarily engaged in the exploration and development of oil, gas, and minerals.

2. United Kingdom Forum Energy Plc or FEP is a United Kingdom company incorporated in

April 2005 through the consolidation of the Philippine assets of Forum Energy Corporation and Sterling Energy Plc (“SEY”) of the UK. FECR (incorporated in Canada) owns 29.78% of the FEP. FEP can be searched in Google Finance and http://investing.businessweek.com. It has a portfolio of oil and gas exploration projects in the Philippines.

Almost 50% of the foreign sales of Philex go to L.D. Metals Ltd. The firm is

under registration number 04382295. 3. Netherlands

Philippine Gold Mining Company B.V. (PGMC-BV) was incorporated in

The Netherlands. In turn, PGMC-BV has been the holding company of the Canada-registered Philex Gold Inc. or PGI (see page 5 of the SGV&Co/Ernst&Young Independent Auditors’ Report to the Philippine SEC). In turn, PGI is owned 81% by Philex Gold Holdings Inc. or PGHI (as per the organizational church in www.philexmining.com.ph accessed April 2009). Finally, Philex Mining Corporation owns 100% of PGHI.

4. Japan Almost 50% of the foreign sales of Philex go to Kyushu Island, Japan, in

the Saganoseki smelter of the Pan Pacific Copper Co. Ltd. 5. Australia As discussed earlier, Philex obtains some of its supply needs from the

Crushing and Equipment PTY Limited of Perth, Sydney, and Brisbane of Australia.


BIBLIOGRAPHY

Boquiren, A. [2008] “Mining is the wrong engine for growth” in Goodland, Robert and Clive Wicks, Philippines: mining or food. The Working Group on Mining in the Philipines: London, United Kingdom.

Boquiren, A. [2007] “Towards a basic methodology in the benefit-cost assessment of mining”, www.geocities.com/artboquirenpaperone/bcminingjan07.pdf.

Boquiren, A. [2006] “Valuation of Benguet biodiversity and environmental cost of mining: monetization, intangibles, and policy”, www.haribon.org.ph and www.geocities.com/harbibonartboquirenreport/benguetmining2006.htm.

Deparment of Environment and Natural Resources (DENR). [2008]. An overview of minerals potential and opportunity in the Philippines.

Philex Mining Corporation. [2007a] Philex Mining Corporation: The Padcal Mine. A PowerPoint Slide Presentation of Philex Mining Corporation (August): Benguet, Philippines.

Philex Mining Corporation. [2007b] Philex Mining Corporation Tuba and Itogon Benguet: Social Development and Management Program (SDMP) and Environmental Protection & Enhancement Program (EPEP). A PowerPoint Slide Presentation of Philex Mining Corporation (August): Benguet, Philippines.

Philex Mining Corporation. [2006a] Philex Mining Coporation. A PowerPoint Slide Presentation of Philex Mining Corporation (August): Benguet, Philippines.

Philex Mining Corporation. [2006b] Environment and community relations programs of Philex Mining Corporation. A PowerPoint Slide Presentation of Philex Mining Corporation (August): Benguet, Philippines.

Philex Mining Corporation. [2006c] Geology of Sto. Tomas II. A PowerPoint Slide Presentation of Philex Mining Corporation: Benguet, Philippines.

Philex Mining Corporation. [2003] Banguet Concentrator. A PowerPoint Slide Presentation of Philex Mining Corporation: Benguet, Philippines.

Philex Mining Corporation. [_____] Annual reports to the Securities and Exchange Commission, Various Years. Philex Mining Corporation: Benguet, Philippines.

SGV & Co and Ernst & Young. [2009]. Independent auditor’s report to the Stockholders and Board of Directors, Philex Mining Corporation. Philex Mining Corporation: Benguet, Philippines. The report was attached as part of the official report of the corporation to the Securities and Exchange Commission, Philippines.


45

dossier on philex mines - piplinksdossier+2nd+edition...philex mining corporation was established in...

Documents