Mining industry topsy-turvy in wake of DENR closure orders

Marcventures Holdings Inc. and Global Ferronickel Holdings Inc. asked the Philippine Stock Exchange for a voluntary trading halt of shares in the light of the latest closure orders issued by the Department of Environment and Natural Resources (DENR).

"The company would like to gather more information on the news articles relating to the press conference of DENR Secretary Gina Lopez on February 2, 2017," Raquel Frondoso, compliance officer of Marcventures, told the exchange on Friday.

The voluntary trading halt would be lifted at 9 a.m. on Monday, February 6.

At least 21 mining companies have been ordered closed by the Department of Environment and Natural Resources (DENR) as a result of its industry-wide environmental audit.

Environment Secretary Gina Lopez ordered the closure of at least 21 mining operations. "I ordered them closed because I am making a statement that you cannot have mining operations in a functional watershed," Lopez said during a press conference on Thursday.

In the same vein, FNI asked the exchange for a voluntary trading halt from 9:30 a.m. Friday, to be lifted by the afternoon session at 1:30 p.m.

"We are seeking clarity on the DENR pronouncement to avoid any unnecessary speculation," said Eveart Grace Pomarin-Claro, assistant corporate secretary and alternate corporate information officer of FNI. — GMA News