Marcventures asks MGB to lift suspension order
Marcventures Holdings Inc. on Monday said its nickel mining subsidiary had filed a motion asking the Mines and Geosciences Bureau to reconsider the stoppage of the nickel miner’s operations in Surigao del Sur.
In an order issued on April 22, the MGB told Marcventures Mining and Development Corp. (MMDC) to stop its mining operations in Carrascal town and suspend its operations in Cantilan town for alleged violations of several provisions of the Department of Environment and Natural Resources Administrative Order (DAO) No. 2010-21.
In a regulatory filing Monday, the parent company said the MGB’s order “lack(ed) basis.”
According to Marcventures, in its motion dated May 8, it secured all the necessary approvals before starting operations in Carrascal. Also, Marcventures reiterated that it had complied with all the necessary measures within its control for its operations in Cantilan.
According to the MGB, its order was issued after its multi-disciplinary team found out that MMDC “had been illegally operating at the Carrascal portion of a 300-hectare contract area, which is limited to the Cantilan.”
The agency also claimed that MMDC violated provisions of the DAO No. 2010-21 related to the use of the best available, appropriate and efficient mining technology; the submission of an environmental protection and enhancement program (Epep); and the submission of final mine rehabilitation/decommissioning plan.
Further, the MGB said it also “found out that they (MMDC) are utilizing unsystematic practice of mining.”
Also in April, MDDC’s parent firm Marcventures Holdings Inc. requested the Philippine Stock Exchange for a trading suspension on its shares, citing the need to “safeguard the interests of its shareholders while the issues are resolved with the MGB.”
