2 February 2008. Lafayette Philippines Inc., embattled subsidiary of Melbourne-based Lafayette Mining Limited, is set to file for bankruptcy very shortly according to Governor Joey Salceda of Albay. The information was relayed to him by LPI lawyers themselves at a meeting in Malacañang yesterday, Governor Salceda announced in a radio interview in Legazpi City this morning.
Lafayette, which runs the mine in Rapu-Rapu island, has been on public denial of its dire corporate condition despite increasingly observed signs of financial trouble and amidst widespread protests over its unpopular operations in the island.
The governor said he has already directed the Provincial Attorney to pursue Albay's claim of a P60 Million fund to be used mainly for the rehabilitation of Rapu-Rapu which suffered significant environmental and economic damage since the company started its mining activities.
The news of Lafayette's bankruptcy is spreading like wildfire in the local community via text messages and the media. The network of anti-Lafayette campaigners feel vindicated by this recent, and long awaited, turn of events. Some members of the network caution that though the news may be a significant victory for their cause, the work is not yet over. Aside from the rehabilitation of the island, vigilance is still needed so that ownership of the mine may not be simply transferred to another company for yet another round of mining operations.
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