Cemex to assess quarrying stoppage impact on output
Cemex Holdings Philippines is now assessing the impact of the quarrying stoppage order in Naga City, Cebu to the production output of its subsidiary Apo Cement.
The listed cement maker told the stock exchange yesterday it is "now conducting an assessment on the effect of the cease and desist order on the raw materials sourced from Naga City and consequently, on the production output of APO Cement."
Shares of the company closed at P2.69 apiece during noon trading recess yesterday, down 1.82%.
The firm said it is considering alternative measures to address the situation.
Apo Cement's main raw material supplier Apo Land and Quarry Corp (ALQC) holds mining rights in Barangay Tinaan in Naga City, Cebu where a massive landslide left dozens dead last week.
The Department of Environment and Natural Resources has suspended all quarrying operations of Apo Land.
Cemex had said it had no direct or indirect stake in ALQC.
Cemex said the mayor of Naga City also ordered all companies and entities doing mining activities, small scale quarries and gravel extractions to suspend operations.
Sought for his comment earlier, Mandaue Chamber of Commerce and Industry vice president Steven Yu said the recent Naga landslide incident is a fresh reminder for responsible mining operations.
"Apo Land is expected to regularly monitor terrain and soil conditions within their area of coverage and be accountable for ensuring that responsible mining processes and procedures are enforced," Yu had said.
He said there are also environmental policies and rules that mining companies should adhere to.
"We need to wait for the results of the investigation to determine culpability and not judged immediately. Mining per se is not bad and is good for the economy as it help generate revenues and jobs," he said.