1. Another investor group is looking at acquiring majority control of Lafayette Mining Ltd.
For advocates of transparency and the environment, this news (truth or otherwise), published last 7 December 2007 on Manila Bulletin, is one more reason not to be lulled to complacency and premature rejoicing. Change of ownership or majority ownership does not augur well to efforts at assigning accountability for corporate malpractice. Remember, remember the Marcopper disaster.
2. Now this one is a straight LIE. “The project directly employs approximately 1,000 people, most of whom are from the island itself.”
Data presented by Mr. Roy Cervantes, a
3. This one is a DECEPTION. “It also conducts various activities designed to improve life on the impoverished island for residents. These valuable community activities range from raising the quality of education to providing livelihood projects and basic necessities such as roads, water and electricity.”
From the same data presented by
A closer look at
In a recent people’s forum in Rapu-Rapu, Dean Virgilio Perdigon Jr., of
The road, water and electricity projects are also situated (you guessed it!) in the barangays where the mine operates and its workers reside. These projects are there primarily because Lafayette needs them for its operations.
There are even reports of occasional harassments committed against researchers and even Rapu-Rapu residents just to pass through this road. How would you feel if you were a Rapu-Rapu resident and you would be required either by Lafayette’s “blue guards” or by Lafayette-subsidized barangay security personnel to write your name on a logbook, stating the time and purpose of visit, every time you pass through this road? Still think Rapu-Rapu residents should be grateful to
4. Of course, the article has to end with the constant yet WEAK ALIBI that
First, the fish kill did happen. Second, the fish kill sighting was not limited in Poblacion only but in other barangays as well. Third, here is an excerpt from the independent study conducted by Ateneo de Naga University’s Institute for Environmental Conservation and Research (INECAR):
“It was impossible for the source of the poison that killed the fishes to originate from the town proper because of the heavy rains and wind direction (on) October 26-27, 2007. If this (were) the case, the dead fishes (would) have floated farther west of the island. Thus, the poison could have only come from the eastern section of the island.” The mine site is located in that section of the island.
Second group shows interest in acquiring Lafayette Mining
Another investor group is looking at acquiring majority control of Lafayette Mining Ltd (LML) following a stall in the negotiations with the previously announced Cornerstone Investor.
David Baker, managing director of LML, said he had been informed by the Southeast Asian Strategic Asset Fund (SEASAF) about talks with a number of other investors, although the Cornerstone Investor has “not yet closed the door.”
LML is the Australian-based mother company of the Lafayette Group in the
SEASAF arranged a $15 million investment in LML convertible notes and has been keeping in touch with a number of potential investors for a major restructure of
SEASAF in essence wants
“If those proposals proceed, the funds that we would in the future have to allocate to servicing loans could be made available to the Philippine project instead and to the Rapu Rapu community and its residents,” said Baker.
The project directly employs approximately 1,000 people, most of whom are from the island itself. It also conducts various activities designed to improve life on the impoverished island for residents. These valuable community activities range from raising the quality of education to providing livelihood projects and basic necessities such as roads, water and electricity.
Despite these efforts, militant anti-mining groups and some Church personalities have been asking for the closure of the project and had even accused it of causing an alleged fishkill that was more than 10 kilometers away.