Malacanang lifts suspension order on Lepanto Mining
The Office of the President has lifted an eight-month suspension order on stockbroker-businessman Felipe Yap’s Lepanto Consolidated Mining Co. subject to a number of conditions.
In a stock exchange filing, Lepanto said it received a copy of the decision of the Office of the President dated Oct. 12 on its appeal.
Lepanto was among the 26 others closed down or suspended by then Environment Secretary Gina Lopez last Feb. 8 in a crackdown against illegal mining in the country.
The suspension order was lifted on the condition Lepanto pays P100,000 to the Environmental Management Bureau and P27,275 to the Mines and Geosciences Bureau, and implement appropriate mitigating measures.
An attached agency of the Department of Environment and Natural Resources shall also conduct a monthly inspection on Lepanto’s compliance with the directives and submit a monthly report to the Office of the President regarding the progress of the corrective measures.
Lepanto, meanwhile, said it was “considering its options vis-a-vis the decision.”