Sustainable mining is possible–philex

As mandated by Memorandum Circular 4, series of 2019 by the securities and Exchange Commission (SEC), Publicly-listed Companies (PLCS) are now required to submit annual sustainability reports. This is done in part to monitor which companies do the most damage to the environment and how they can improve and make greener and better business decisions.

As a publicly-listed mining company, Philex Mining Corporation faces a lot of doubters in terms of its sustainability. due to the nature of the industry, mining is, according to Philex President Eulalio Austin Jr. during the sustainability Reporting: sustaining the sustainable webinar held last July 28, often perceived as the “destroyer of the environment.” However, Philex went out of its way to prove that sustainable mining was possible long before the memorandum was created.

“Philex Mining Corporation started sustainability reporting in 2015 with our 2014 sustainability report, long before it was being required,” he said. “We do it as a way of being accountable to our stakeholders with respect to our performance’s future directions.”

Self-sufficiency

FOR Philex, sustainable mining means helping the community become self-sufficient along with environmental management. Adhering to iso standard 140001 and the Towards sustainable Mining Association standards, Philex makes sure that their business not only benefits their stakeholders, but the community and environment around them. This is shown in their conscious decision to try to negatively impact the environment as little as possible during operations.

At the same time, they also aggressively undertake reforestation projects around their mining areas, particularly in the decommissioned mine areas of Bulawan and sibutad areas of Negros occidental and Zamboange del Norte, respectively.

“As of 2020, we have forested 4,479 hectares with more than 12 million trees,” he said.

Moreover, they have also undertaken a biodiversity conservation program in 2019, along with their social development and management programs that focus on health, education and livelihood in rural parts of the country. These programs are funded by the 1.5 percent of their total operating costs, in accordance with section 136-A of the department of Environment and Natural Resources’ (DENR) Administrative order 21.

Returning to the communities

AUSTIN describes the process as “the benefits produced by local resources returning to the communities.” in 2020 alone, Philex was able to use P107.5 million for these development programs which were all in place to “help develop the future generations” be at par with their city counterparts and help modernize their hometowns.”

“We have always believed that the two keys to development are a stable livelihood and a good education,” he said. “For us coming from the rural areas, education is the greatest equalizer.”

in their pursuit of sustainable mining, Philex makes sure to stay on top of the situation. As part of their data gathering for their sustainability reports, they have consulted a preparer to guide them along with holding numerous learning sessions such as internal workshops to familiarize themselves with sustainability reporting through the years.

Additionally, they also do “materiality process”, where they identify risks, opportunities and other factors that may impact their goal of long-term sustainable value. once identified, they will then find a way of addressing it with both internal and external stakeholders in mind. This not only helps them keep their employees and investors happy, but it also functions as a “learning experience.”

“We see the sustainability report as a learning and guiding tool that will tell us how to continuously improve our practices and performance,” said Austin.