Corporate News


GFNi says unit removed from DENR list of mines up for closure




Posted on March 24, 2017


LISTED Global Ferronickel Holdings, Inc. (GFNi) said its subsidiary has been removed from the Environment department’s list of operational metal mines up for closure.

In a regulatory filing on Thursday, the nickel miner said Platinum Group Metals Corp. (PGMC) is no longer one of the companies whose mines are “for suspension” or “for closure,” citing a list posted on the Department of Environment and Natural Resources (DENR) Web site.

Global Ferronickel said it sought clarification from the DENR, which confirmed that the document is official.

Based on the updated list, the DENR identified 22 operational metal mines ordered for closure and four for suspension. Environment Secretary Regina Paz L. Lopez on Feb. 2 announced 23 mines were up for closure and five for suspension.

PGMC and Techiron Mineral Resources Inc., which were previously ordered for closure, have been removed from the list. However, Strongbuilt Mining Development Corp., which was initially suspended, was moved to the list of mines ordered shuttered.

“The two have just show-cause orders,” said Environment Undersecretary for Legal Maria Paz G. Luna in a text message on Thursday, referring to PGMC and Techiron.

To recall, Global Ferronickel earlier said that PGMC received on Feb. 20 a DENR’s show-cause notice dated Feb. 13 directing it explain why it should not be held liable for the alleged violation of failing to deposit its committed amount for its final mine and rehabilitation decommissioning fund, a violation the firm denied. -- Janina C. Lim