Audit confirms Lepanto compliant, no reason to suspend ops


AMID concerns on the status of its operations, listed firm Lepanto Consolidated Mining Co. on Monday assured its stakeholders that the company passed the recent audit of all mining companies ordered by the Department of Environment and Natural Resources (DENR).

In a statement, LCMC president and chief operating officer Bryan Yap said that the DENR has no reason to suspend its operations, noting that the audit report confirms that Lepanto has complied with all relevant laws and regulations.

“Lepanto‘s operation has not been suspended. We have not received any official communications to that effect,” Yap said.

Yap issued the statement following numerous inquiries and expressions of concern from nervous stakeholders after news reports came out that Lepanto was under threat of suspension.

“This situation constrains us to make this explanatory report to these stakeholders, namely, our worried employees, our communities, our stockholders and investors, our retirees, our partners and partner banks, and our services and goods providers,” he added.

The Chamber of Mines of the Philippines (COMP) earlier scored the DENR for its reportedly reckless public pronouncement about the results of the mine audit despite the premature results of its findings.

COMP also expressed concern over the repercussions of such pronouncements, stressing that the report that was released was highly inconsistent with the letters sent to certain companies informing them of the audit findings.

The mining lobby group also said that the repercussions go well beyond mining communities and further endanger investments in and out of the mi nerals development industry.

“A lot of these companies with alleged violations are publicly listed companies, jeopardizing stocks and shareholders especially at a time that the peso is struggling,” the group said.

Lepanto is among the 22 members of COMP that have already secured ISO certification, which Environment
Secretary Regina Paz Lopez earlier said was “a way to identify responsible miners.”

Meanwhile, Yap assured stakeholders that the company will be taking all steps necessary to ensure that they can and shall continue their mining operations and that Lepanto will uphold its legacy of responsible mining.

“For the last 80 years, Lepanto did much more than produce copper, gold and silver. We helped build Mankayan, Benguet into a first class municipality. We have been dutifully paying our taxes,” he said.

“For the last 80 years, we have been a good corporate citizen and a caring partner to the community,” he added.


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