Rappler talks to Gina Lopez, Department of Environment and Natural Resources (DENR) secretary.
Lopez made headlines on Thursday, February 2 when she announced the shutdown of 23 mining operations and the suspension of 5 others. Only 12 mining firms passed the mining audit that started 7 months ago.
In response, share prices of mining and oil stocks on the Philippine Stock Exchange (PSE) dipped.
The move also boosted global nickel prices since the companies announced contribute 10% of the world’s supply. The Philippines is the world’s largest producer of nickel ore.
Estimates said roughly P 66.6 billion in production of nickel ore would be lost, as well as P16.7B in taxes, which Lopez promised to replace with sustainable development.
Lopez talks about her “area development approach” that could help the economy of communities affected by the closure of mining operations.
Watch it on Rappler. – Rappler.com