Supreme Court bars 3 foreign mining firms

THREE mining companies have been disqualified by the Supreme Court (SC) from exploiting the country’s natural resources for violating the 60-40 ownership limit dictated by the law.

The tribunal’s Third Division, through a decision penned by Associate Justice Presbitero Velasco Jr., ruled that Narra Nickel Mining and Development Corp., Tesoro Mining and Development Inc. and McArthur Mining Inc. are disqualified from operating in the Philippines in view of their violation of the 60-40 percent ownership limit for foreign mining companies.