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Rapu-Rapu Corporate Mining Operations to Resume in August

By atm.admin - Posted on July 31st, 2008

Corporate Rapu-Rapu mining operations to resume in August

Mining operations at the Rapu-Rapu site in Albay province will resume in August after being suspended early this year due to debts.

Dato Dr. Mohammad Ajib Anwar, chief executive of Malaysian Smelting Corp. Bhd., said the joint venture and its new shareholders would set aside $40-$50 million to upgrade facilities.

This is to meet an annual production target of 10,000 tons of copper, 50,000 ounces of gold, 600,000 ounces of silver and 14,000 tons of zinc, he told reporters on the sidelines of a mining event Wednesday. The Rapu-Rapu project is a joint venture between the Malaysian firm and Philco Resources Ltd.

In February, mining operations at Rapu-Rapu were suspended after the project incurred debts after ceasing operations in November 2005 due to two spills. Debts reached $270 million, while inter-company loans amounted to 65.6 million Australian dollars. In February 2007, the government allowed the project to resume operations after ensuring that the operators had complied with environmental laws.

Malaysian Smelting owns 30% of the joint venture, while Philco, a joint venture between LG International Corp. (60%) and Korea Resources Corp. (40%), owns 70%. (original story)

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COMMENT RULES:

Hi everyone,

I'm the national coordinator of Alyansa Tigil Mina (ATM), the owner of this site.

We will always respect views and opinions posted on this site, as much as we encourage open discussion and intelligent debate on the issue of mining. ATM has its stand on this issue very clearly, and we welcome the comments from those who do not agree with us.

However, we have observed that in the past few days, this forum has gone way beyond acceptable behavior of netiquette.

I will request and strongly encourage all posters to at least follow the following rules:

1. Be civil. Basic courtesy and privacy norms should be practised by posters in this forum. Make your mom at least proud by showing you still remember to be polite, even if you're not required to say "po" or "opo" in every post you make. We wouldn't mind that either, if you do so. Then again, I am assuming here that you're already an adult.

2. Personal attacks will not be tolerated. This also applies to flaming. Just in case you don't know what flaming is, its deliberately insulting or personally ranting against a poster (or a thread) simply because you are losing the arguments.

3. Avoid being anonymous. Since you have enough time to post long comments, you would at least have a few seconds to type even an alias. You also help people conclude that you are not a paid hack from a PR firm by Intex (or any other mining company)

4. Do not shout in the forums. Do not use ALL CAPS in your posts. A single exclamation point should also suffice.

We will observe the forum in the next few days. Should these rules be disregarded, we will transform this into a minimally-moderated forum. We hope we will avoid the situation that we will decide to make this a closely and strictly moderated forum. We value everyone's insights so much.

We'll check up again on this new rules after a short while. Of course, we expect the Intex ECC to be revoked in a few days. In this case, I suspect that the "excitement" in this thread would have died down.

Jaybee Garganera
National Coordinator
ATM
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