DENR Validates Positive Impact of FNI to Surigao

MANILA, Philippines – Global Ferronickel Holdings, Inc. (PSE:FNI) recently obtained the mining audit report including recommendations by the Department of Environment and Natural Resources (DENR).

The operating arm of the second largest producer of nickel in the country and the largest exporter of single lateritic mine in the world is Platinum Group Metals Corporation (PGMC). PGMC is located in Cagdianao, Surigao del Norte and authorized to continue its operations. This is in line with the company’s compliance and certification under ISO 14001. The set of regulations, rules, and laws of the Philippine Mining Act and Environmental Compliance Certificate (ECC) is directed towards protection and enhancement of the environment.

The purpose of the restrictions is to housekeep, protect, and rehabilitate the mined-out areas progressively. High social acceptability has been verified by DENR after interviewing barangay officials, farmers, fishermen, school teachers, as well as Mamanwa tribal group members. This affirmation is relative to the social development projects of the company.

The response of barangay officials is definitive and strong when the PGMC contributions are taken regard. The company basically delivers infrastructure, livelihood, educational, and health-related projects in the barangays of Cagdianao and Hayanggabon through Social Development and Mining Program (SDMP). The local community group even considers the company a partner in boosting development and economic growth in their area.

The education sector is also backing PGMC efforts to develop different projects in the community. This was supported by school teachers while citing education-related projects of the company. Among the educational efforts of the company are the Hayanggabon Elementary School atrium development and classroom building. The management also eyes the rise of a five-room two-storey building for school facilities’ improvement.

The company is proven compliant by the Department of Health (DOH) in terms of health services. Several residents have sanctioned the company’s efforts to enhance community health in general.

Employment opportunities are also offered by the company to many residents in the area. This is just an addition to its various programs for livelihood and skills training.

Atty. Dante R. Bravo, FNI President, stated that excellence in operations, environmental compliance, and sustainability while raising the local communities’ standards of living are the distinct features of the company. The President added that the management is pursuing improvement of their business for its stakeholders’ benefit.

Recently, the company reported that its third-quarter net income dropped by 51.93 percent to P288.90 from P601.01 million last year. Nonetheless, Bravo stated that the company is positive that nickel prices will get a rebound.

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Stock Signals Philippines

Online Stock Market News Media at Equilyst Analytics, Inc.
The Stock Signals Philippines is the online news media arm of Equilyst Analytics. Inc., an SEC-registered stock market consultancy firm in the Philippines that guides Filipinos on long-term investing and short-term trading and offers mentoring services.
Stock Signals Philippines
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About the Author
The Stock Signals Philippines is the online news media arm of Equilyst Analytics. Inc., an SEC-registered stock market consultancy firm in the Philippines that guides Filipinos on long-term investing and short-term trading and offers mentoring services.
  1. Percy Reply

    You made some really good points there. I looked on the net for additional information about the issue and found most people will go along with your views on this site.

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