PMEA Blog

From: www.gmanews.tv
MANILA, Philippines - An organization of Rapu-Rapu Island residents has demanded the pullout of South Korean investors from the controversial Lafayette Phils. mining site, saying they want no mining operations on the island, which is part of Albay.
LG International and Korean Resources Corp. (Kores) gained majority control of Lafayette last April 2008 and took […]

From: newsinfo.inquirer.net
By Kristine L. Alave
Philippine Daily Inquirer
MANILA, Philippines – The Catholic bishop of Sorsogon province in the Bicol region has called for the “total closure” of a controversial mine in Rapu-Rapu Island, Albay.
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KUALA LUMPUR: Malaysia Smelting Corporation Bhd (MSC) has proposed to acquire a 30% stake in the Rapu Rapu project, which is involved in mining copper, zinc, gold and silver, in the Philippines for US$18.90mil (RM59.7mil).
MSC said on Thursday that it had signed a framework agreement with Philco Resources Ltd, LG International Corporation and Korea Resources […]

From: Manilastandardtoday.com
LG International Corp., the trading arm of South Korea’s fourth-biggest industrial group, and several other companies are in talks that may lead to an investment in the Rapu Rapu copper project.
“We hope to get a firm offer from some of the parties by next week,” said Ken Fung, a manager at Ferrier Hodgson, the […]

MANILA - Operators of the Rapu-Rapu mining project in the Philippines have sought court protection from creditors as investors hold talks with a South Korean group for a possible buy-in, the managers said.
One of the first projects to reach the production stage after a new Philippines mining law took effect in 2005, Rapu-Rapu has been […]

GLOBAL miner Xstrata and its Australian partner Indophil Resources are potentially facing further raids at their Tampakan project in The Philippines after communist rebels warned of a campaign to stop the mine going ahead.
But Xstrata said it remained committed to the project, which it said had strong government and community support.
The communist-backed New Peoples Army […]

From: Philippine Daily Inquirer
By Ephraim Aguilar
LEGAZPI CITY, Philippines — Indebted by almost $240 million, the Rapu-Rapu group of companies operating a copper and zinc mine in Rapu-Rapu island town in Albay will seek court protection from creditors even as it denied claims by anti-mining groups that the mine firm has gone bankrupt.
Carlos G. Dominguez, chairman […]

From: Philippine Daily Inquirer
By TJ Burgonio
MANILA, Philippines — The financial troubles of Lafayette Mining should prod the government to close down the Australian firm’s mining project in Albay, an anti-mining alliance said on Wednesday.
Lafayette Mining, which owns 74 percent of Lafayette Philippines that runs an open pit mine in Rapu-Rapu island, entered voluntary administration Tuesday […]

SYDNEY, Nov 23 (Reuters) - Australian-listed Lafayette Mining Ltd (LAF.AX: Quote, Profile, Research) said on Friday crucial financial restructuring support from a Malaysian private equity group remains a possibility, after earlier saying the plan had collapsed.
If the restructuring fails to go ahead, the directors of Lafayette, which runs a mine in the Philippines, would need […]

Nov. 23 (Bloomberg) — Lafayette Mining Ltd., an Australian company with a Philippine copper mine, said negotiations with a major potential investor to pay off debt were continuing, and the outcome was now uncertain. The shares plunged.
“The directors are of the opinion that the company continues to be a going concern,” Melbourne-based Lafayette said in […]