Mining firm's revenue down after mine closure

ALTHOUGH it had already affected the company’s revenues, Mt. Sinai Mining Exploration and Development Corporation continues to wait for the recommendation of the special mining review committee of the Department of Environment and Natural Resources (DENR) to resume their operations.

Mt. Sinai Mining Exploration and Development Corporation is one of the 23 mining companies nationwide that was ordered for suspension by former Environment and Natural Resources secretary Gina Lopez due to some environmental related concerns.

“Of course, our revenues are substantially affected already but right now, we are doing some maintenance in the mining site while waiting for the recommendation to assume operation. All significant processes are mandated by law and we are respecting that,” said Mt. Sinai Mining Exploration owner Vicente Lao.

He said they could not give estimated amount of their revenue loss so far as the chromite and ore prices had been constantly fluctuating but assured that the amount is substantial enough.

Lao said they are hoping that the recommendation of the special mining review committee will already be released before the year ends.

The special mining review committee, which is currently headed by the Department of Finance (DOF) and DENR, was created by President Rodrigo Duterte with the mandate of reviewing all the pronouncements and the orders made by Lopez during her term.

“For you to cancel an existing mine, you have to go through the process of evaluation. For example, if there are violations of the standards of a mining company, you give them a chance to correct it, not immediately cancel their permits. That’s not how it is. We are in a democratic country here. Of course I am not saying that everything is okay in the mining sector, there are also scalawags. But what I’m saying is there is a process. If you want to cancel a mining operation, you have to go through a process,” Lao said in an earlier interview. JPA