RP to pursue mining without risking environment: Ramos<\/p>\n
MANILA (AFP): Philippine President Fidel Ramos said yesterday
\nhis government would pursue mining as a \"dependable option\" for
\neconomic development without risking the environment.<\/p>\n
Noting an increase in mining applications from foreign firms,
\nRamos said \"high returns of investments\" would be guaranteed by
\nthe government's move towards sustainable mining.<\/p>\n
\"Its intent is clear -- pursue mineral resources development
\nas one option for economic growth, but without compromising the
\nenvironment,\" Ramos said at the launch of mineral industry
\nenvironmental awards.<\/p>\n
Through sustainable mining, \"only large, high-quality deposits
\nable to absorb the social and environmental cost of mining\" would
\nbe economical ventures and would attract capital investments.<\/p>\n
Under the Philippine Mining Act of 1995, foreigners are
\nallowed 100 percent control of large-scale mining operations.<\/p>\n
Ramos said there had been 120 applications for financial and
\ntechnical assistance agreements (FTAA), mostly from foreign
\nfirms, and 60 mineral products sharing agreements (MPSA), since
\nthe legislation was passed.<\/p>\n
The FTAAs allow companies with more than 50 percent foreign
\nequity to explore, develop and utilize up to 81,000 hectares
\n(200,700 acres) of mineral-rich lands.<\/p>\n
The MPSA allows firms with only up to 40 percent foreign
\nequity to explore up to 8,100 hectares (20,007 acres), the mines
\nbureau said.<\/p>\n
Critics of the mining law have warned that only 65 of the FTAA
\napplications already covered 22 percent of the Philippines' total
\nland area.<\/p>\n
Ramos urged mining firms to commit funds and expertise to
\n\"protect the general welfare.\"<\/p>\n
\"Then probably we would see the last of the disasters,\" Ramos
\nadded.<\/p>\n
A subsidiary of Canada's Placer Dome Holdings has been ordered
\nto clean up the Boac river in the central Philippine island of
\nMarinduque, after millions of tons of mining waste spilled into
\nthe waterway in March 1996.<\/p>\n
The local government in Boac has also demanded billions of
\npesos in compensation aside from the clean-up to cover for the
\nloss of livelihood of residents there.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/rp-to-pursue-mining-without-risking-environment-ramos-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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