More than P1bn fine for mine tailings leaks

The Philippines imposes a fine of a little more than P1 billion on Philex Mining, the country’s largest mining company, for the leak of more than 20 million tons of solid waste from its Padcal mine in Benguet.  Philex shut down the mine after the first leak was discovered in August and says it’s planning to build more tailings ponds.  The accident is expected to have severe repercussions on its performance, cutting revenues from an estimated P4bn to a little more than P1.5 bn this year.  Philex chair Manny Pangilinan gave these numbers before the fine was announced.

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