Manila, Philippines – OFFICIALS of some of the biggest miners in the country yesterday professed agreement with the next administration’s avowed policy of holding those exploiting the country’s mineral resources more accountable for environmental damage they may cause, but stocks of some of those with Mindanao operations yesterday bared investor jitters.
Global Ferronickel Holdings, Inc.; Manila Mining Corp. and Marcventures Holdings, Inc. yesterday saw substantial drops in their stock prices as trading ended after President-elect Rodrigo R. Duterte warned companies whose operations threaten the environment — particularly those in mineral-rich Mindanao — to upgrade their practices or face closure.
Stock prices of Global Ferronickel, Manila Mining and Marcventures fell 2.22% to 88 centavos, 7.14% to 1.3 centavos and 4.26% to P1.80 apiece, respectively, even as the bourse’s 17-stock mining and oil sectoral index to which they belong gained 0.13%.