SUMMARY
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Philex Mining Corp. settled in full and in cash-like instrument the P1.034 billion penalty the government imposed over violations of the Mining Act. This staggering amount is part of the P4 billion total cost the gold producer said the Padcal tailings pond leak incident in Benguet province last August 2012 has cost Philex. The company also faces another fine — which has been stacking up since the P92.8 million penalty was announced in 2012 — over violations of the Clean Water Act. Philex has previously appealed the penalties, saying the incident was due to force majeure. Environment Secretary Ramon Paje has denied these appeals and stressed that imposing the penalties send the message that the government is serious about the environmental impact of the mining incident.
Read more about P4-billion mine leak cost on Rappler.
Read more about the settlement of the P1-billion fine on Rappler.
Read more about the pollution-related fines on Rappler.
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