Defend Patrimony Press Release
18th December 2007
Anti-mining liberalization alliance Defend Patrimony today pressed for the permanent closure of the Arroyo administration's first foreign-owned showcase mining project in the
LML owns 74% of Lafayette Philippines Inc. which runs an open-pit mine in Rapu-Rapu island in Albay. LML Board of Directors yesterday declared that they will be undergoing 'voluntary administration', transferring control of the company's business, property, and affairs to Australia-based administrator Ferrier Hodgson under Rod Sutton and Peter McCluskey after repeatedly failing to pay its liabilities on time.
At a protest action in front of the Department of Environment and Natural Resources (DENR) Main Office in
"The recent bankruptcy of Lafayette should once and for all convince the government to totally close the mining operations in Rapu-Rapu island," Clemente Bautista Jr., a convenor of Defend Patrimony alliance and National Coordinator for Kalikasan Peoples' Network for the Environment (Kalikasan PNE), said in a statement.
"More than a financial mess, the
"They also must ensure that enough rehabilitation fund is available for the affected people in the
According to banktrack.org, the mining project is funded by the following financial stakeholders: a lenders group (ABN AMRO, ANZ, Investec, SC First Bank, Standard Chartered, Standard Bank), LG International and KORES, Korean state companies, and
For interviews, please contact Mr. Clemente Bautista Jr., 63-922-844-9787 or 9209099 or through email email@example.com
DEFEND PATRIMONY! is a broad alliance comprised of organizations and individuals united in the defense of Filipino people's rights and national patrimony against the wholesale plunder of our mineral and other natural resources.