TODAY'S BUSINESS HEADLINES

BSP survey shows business optimism at all-time high in 2Q

San Miguel acquires a third of chairman's cement company

AboitizPower to spend P125 billion on new plants

PSEi slides near 7,300-mark as investors worry over poor China factory data, end to Fed bond-buying

Peso slumps to 41.6:$1 level

Philex starts cleanup of tributaries near Padcal mine

InterAksyon.com means BUSINESS

MANILA - (UPDATED 3:15 p.m.) Philex Mining Corp. on Friday said it has started the cleanup of the tributaries where waste and water flowed from its Padcal mine in Benguet.

The rehabilitation of the damaged tailings pond has also begun, said Libby Ricafort, Philex vice president for operations and Padcal mine resident manager, said in a statement.

"The operations in Padcal mine have been reorganized to focus on immediate remediation and rehabilitation of its tailings storage facility and the impact of water and sediments leak on the environment," Ricafort said.

Three teams led by Philex vice president for community relations Victor Francisco were deployed last Monday to survey the Agno and Balog rivers as well as the convergence point near San Roque Dam in Pangasinan, as the company wants to prevent silt from reaching the dam.

The volunteers - composed of Philex employees and their dependents - would conduct clearing operations 24/7, the company said.

"The task force will wash, impound, collect and haul sediments at strategic sites along the riverbanks or riverbed sites as backfill materials. The process may be done through mechanical engineering, depending on the assessment of the experts," Ricafort said.

"The physical cleanup of the affected rivers is part of a long-term plan to rehabilitate and restore the tributaries, and develop them as a potential eco-park and tourist area in the future," the executive said.

Philex had said the mine waste or tailings are non-toxic and biodegradable, but company chairman Manuel V. Pangilinan wants the rivers cleaned up. Pangilinan also chairs TV5, of which InterAksyon.com is the online news portal.

At midnight of August 1, Philex voluntarily suspended operations at Padcal as heavy rains poured by typhoons Ferdie and Gener caused an unusual accumulation of rainwater, resulting in a leak at Tailings Pond No. 3.

The government had ordered the suspension of mine operations until such time that the cleanup and rehabilitation work is done.

 

InterAksyon.com means BUSINESS

BUSINESS NEWS  
OTHER BUSINESS STORIES  

Business BSP survey shows business optimism at all-time high in 2Q
Business San Miguel acquires a third of chairman's cement company
Business AboitizPower to spend P125 billion on new plants
Business PSEi slides near 7,300-mark as investors worry over poor China factory data, end to Fed bond-buying
Business Peso slumps to 41.6:$1 level
Business Philippines may no longer have best-performing market in 2H, Goldman Sachs says
Business VP Binay, Finance chief at loggerheads over proposed removal of tax perks for mass housing
Business Sarah Jessica Parker inaugurated 'illegally' built SM mall, BCDA says
National | Business EXCLUSIVE | Zest Air suspends flights to Taiwan
Business Lamborghini-driving Ayala Alabang resident sued for tax evasion
Business PAL imposes fine on late passengers, cuts baggage allowance
Business MINDANAO PEACE DIVIDEND | Thai palm oil factory to rise in North Cotabato
Business | National BIG WINNERS IN 2013 ELECTIONS | Networks GMA, ABS-CBN report advertising windfall