Monday, 16 June 2014

Investwell pays Php4.5m to provincial treasury


INVESTWELL Mining Corporation, which has iron-ore mining operations in Mambulao, CamNorte, has reportedly paid Php4.5 million to the provincial treasury as compliance to a provincial ordinance protecting the environment.

The miner also paid an additional Pp300,000 as accreditation fee, according to online provincial news Camarines Norte News.

The provincial ordinance No. 32-2013 aims to protect the environment around the area where mining operations are taking place.

The ordinance has required (legitimate) miners to pay Php2 for every metric ton of ore that would be shipped out of the province.

As of now, Investwell is readying to ship out about 21,000mt of iron ore which are stockpiled at its Larap mining site.

Of the Php4.5 million, 60 per cent will go to the trust fund for environmental rehabilitation and the rest would be use to fund the provincial government’s community projects.

Meanwhile, the BMG has suspended Investwell’s operations in Larap until its dispute with another miner over mining claims’ ownership has been resolved.

The bureau also said it has allowed Investwell to ship out the iron ore after it obtained clearance from the Department of Environment and Natural Resources (DENR).

The mineral cargo will be loaded onto a vessel docked at a port in Baranggay Osmena, Mambulao. - CamNorteNews

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