Philex to pay in full P1.034-B fine for Padcal disaster before deadline

Philex Mining Corp. on Friday said it will pay in full the P1.034 billion fine imposed on it by the government for the mine tailings disaster at its Padcal copper and gold operations.

 

“We will pay on Monday and whether or not the government rejected our request to pay in installments is now immaterial,” Philex vice president Michael Toledo told GMA News Online. 

 

The company said it will settle the fine on Feb. 18, noting that on Feb. 13, the Department of Environment and Natural Resources declined to accept a Philex proposal to settle the fine in staggard payments.

 

This is a day ahead of the Feb. 19 deadline set by the department for Philex to pay the fine.

 

“We believe that the incident on August 1 was a force majeure... and what we are doing is in compliance with the law,” said Toledo. 

 

A mine waste pond in Padcal collapsed at the height of enhanced monsoon rains last August, dumping 20.6 million metric tons of tailings into the environment and forcing Philex to shut down the operations in Itogon, Benguet. 

 

“We also share the government's concern about the environment... that's why we are paying the fine. We have the money...,” Toledo noted. — Victor Sollorano/KG, GMA News