AUSTRALIAN mining firm Lafayette Mining Ltd (LML) has completed a $15-million convertible note issue, the first of a series of financial inflows that are expected to pour into the mining industry as a direct result of government’s decision to allow the company to resume the commercial operations of its Rapu-Rapu Polymetallic Project in Rapu-Rapu, Albay.

Southeast Asia Strategic Asset Fund (SEASAF) had been ready with the funds and was just waiting for Department of Environment and Natural Resources (DENR) Secretary Angelo Reyes as chairman of the Pollution Adjudication Board (PAB) to issue the order for the project restart, LML said in a statement.

Antimining groups assailed the DENR for lifting the suspension order against LML and Lafayette Philippines Inc.’s project in Rapu-Rapu and launched a campaign calling on the mining firm’s international financiers not to support the company because of its failure to prevent mining incidents that caused environmental catastrophe.

The groups—Defend Patrimony, Pambansang Lakas ng Mamamalakaya ng Pilipinas and Kalikasan-Peoples’ Network for the Environment—said in allowing LML to resume mining activities in Rapu-Rapu, the government has armed an environmental time bomb.

Lafayette Phils chairman and president, Carlos G. Dominguez said Reyes’ order was critical in inspiring investor confidence and SEASAF showed this by acting just days after the February 8 order was issued.

“What Secretary Reyes has done is open the floodgates to investments and prosperity. This is one single official act that will have immense immediate and long-term benefits to the economy and the poor, especially in the countryside where mining ventures are located,” he said.

Of the $15 million, about $12 million will be used for operating expenses and working capital; the balance will be for exploration.

The SEASAF funds will be given to LML which would in turn lend it to its operating unit in Rapu Rapu.

“As we ramp up our production and resume exports, we are at the same time getting ready to hire more people to complete our labor needs and are finalizing an overall program that is designed to improve the basic services in our host communities, particularly in the areas of education, sanitation, health and infrastructure,” Dominguez said.

On top of these, the project will spend close to P400 million annually in Bicol, largely in the provinces of Albay and Sorsogon, in terms of direct and indirect salaries, and local purchases of supplies and food for the project’s workforce that is expected to reach 1,000.

THE Department of Agriculture (DA) disclosed Wednesday that Brunei is keen on investing at least P500 million for a plant that will manufacture halal foods.

THE Philippine Retirement Agency (PRA) is targeting to attract at least 3,000 foreign retirees to settle in the country this year as the agency gives more effort in convincing multinational firms to make the Philippines the alternative destination for their retirees.

UNLESS new power plants are built in Mindanao, the island-region could face a power shortage of 57 megawatts by 2009, which is enough to black out two of its provinces, Saidamen B. Pangarungan, chairman of Lanao Hydropower Development Corp. (LanaoHydro), told reporters Wednesday.

AUSTRALIAN mining firm Lafayette Mining Ltd (LML) has completed a $15-million convertible note issue, the first of a series of financial inflows that are expected to pour into the mining industry as a direct result of government’s decision to allow the company to resume the commercial operations of its Rapu-Rapu Polymetallic Project in Rapu-Rapu, Albay.

FIRE strikes anywhere and when it does, it devastates, taking away lives and property.  Fire does not discriminate – from the lowly citizen to the most influential man in the country—both have to reckon with its fury.