MVP: Philex mine to remain closed

ABS-CBN News

Posted at Sep 09 2012 12:10 AM | Updated as of Sep 10 2012 12:33 AM

MANILA, Philippines - Philex Mining chairman Manuel V. Pangilinan said the company's main mine in Padcal, Benguet will be shut the rest of the year as the miner addresses a series of leaks from its waste pond.

Pangilinan made the statement during a chance meeting with ANC anchor Maki Oreta.

Philex made its first disclosure on the leaks on August 3, saying a waste leak had happened on August 1 and that it had immediately suspended production. It said the closure was costing it P40 million a day.

On September 4, it said three more leaks had developed by August 30.

Mines and Geosciences Director Leo Jasareno told ANC on Friday that the team inspecting the leaks and environmental damage had returned to Manila and will present their assessment to Environment and Natural Resources Secretary Ramon Paje next week.

This may including payments Philex may have to make, Jasareno said.

The Bureau of Fish and Aquatic Resources has warned against fishing in the area.

On the acquisition of GMA Network by the PLDT-TV5 group, which he also heads, Pangilinan said a price has been agreed but not signed. He and GMA owners earlier said they're giving themselves until the end of the year to close an agreement. -- ANC