Oriental Peninsula unit cleared to resume operations at second Palawan mine

interphoto_1360317983MANILA – A unit of listed Oriental Peninsula Resources Group (ORE) and one other company that were ordered to cease operations for various violations can resume work at their respective mines after complying with government conditions.

In separate orders, the Mines and Geosciences Bureau (MGB) has allowed Greenstone Resources Corp (GRC) and Citinickel Mines and Development Corp (CMDC) to reopen their mines.

The MGB suspended CMDC last year after a siltation accident at its Sofronio Española mine, one of two concessions the company operates in Palawan. CMDC last year resumed operations at the other mining area in Narra town.

According to the government, the company has since strengthened one of the Sofronio mine’s pit bottom, installed a coco-matting cover on the outer slope of the siltation ponds, and cleared the mine waste.

CMDC is a unit of ORE, which today closed up 12.72 percent to P2.57 a share, making it one of the most actively traded stocks for the day and bucking the mining and oil counter’s 0.48 percent drop.

As for GRC, the MGB in 2013 issued a cease and desist order after a crack developed along the embankment of a tailings storage facility at the company’s Siana gold mine, which straddles the towns of Tubod and Mainit in Surigao del Norte.

GRC was allowed to resume work after a joint team of the MGB and the Environmental Management Bureau (EMB) accepted the certification of third-party expert GHD Pty Ltd that the mining company completed a new high-density polyethylene-lined tailings storage facility, as well as strengthened two other tailings facility.

Read more: http://www.interaksyon.com/business/103000/oriental-peninsula-unit-cleared-to-resume-operations-at-second-palawan-mine

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