Bu-lat-lat (boo-lat-lat) verb: to search, probe, investigate, inquire; to unearth facts Volume 3, Number 2 February 9 -15, 2003 Quezon City, Philippines |
|
YEAR |
GOLD |
SILVER
(kilograms) |
US
$ |
PHP |
1997 |
3,432.27 |
2,831.98 |
36,245,852 |
1,465,000,000 |
1998 |
4,531.78 |
3,561.35 |
43,472,002 |
1,834,000,000 |
1999 |
3,940.81 |
4,553.55 |
36,123,710 |
1,407,000,000 |
2000 |
5,444.52 |
11,054.18 |
48,905,939 |
2,125,000,000 |
2001 |
7,964.36 |
22,280.06 |
47,624,808 |
2,375,000,000 |
Due
to the aggressive mining explorations, the company discovered another gold ore
deposit in Mankayan and named it Victoria II in
Sept. 1999.
As
of January last year, the combined gold reserves of Victoria I and Victoria II
have been estimated at 110,418 kg. The
Far Southeast ore deposit, another of its operations, is not yet included in the
estimate.
As
soon as the company acquires loans, it will begin its expansion operations in Palasaan-Suyoc,
Binucong-Loo in Buguias,Benguet
and in Tadian and Mainit
in Mountain Province where it targets to get 6,221 kg. of gold every year.
The
LCMCo has stepped up its mining operations
especially after the Sept. 11 attacks in the U.S. that has been instrumental in
the rise in the price of gold. Currently, an ounce of gold is valued at $370. It continues
to rise as the international recession worsens and as the preparations for war
in the Middle East goes on.
Its
operations are currently partially financed by long-term credit arrangements
with big foreign corporations. It
has a Loan and Hedging Facility Agreement with NM Rothschild and the Dredsner
Bank AG which allows it to borrow up to $30 million plus the value of 300,000
ounces of gold bullion. It has
other long-term loans with other financing institutions, totaling more than $25
million as of yearend 2001.
NM
Rothschild is the biggest mercantile financing house in the world of mining; it
is the number one bullion trader on the London Metal Exchange, where a large
majority of the world’s gold is bought and sold. Dredsner
and another of Lepanto’s bankers, Citibank, are
similarly giants in world financing.
The
history of mining has shown that those who bring out the ore from the earth are
the ones who are the most exploited.
In
the Lepanto Mine Division, the salary of the 1,907
regular miners in 2001 totaled to P17 million – only .72% of the P9.2 billion
the company raked in. The contractual workers receive only P180 a day and no
benefits from the company.
Since
the start of the mechanization of mining operations in the LCMCo.,
a great number of workers have been retrenched.
The
miners also suffer from the poor working conditions in the mines.
The Occupational Health and Safety study conducted last September by
CHESTCORE reveals that hazards are experienced in the various stages of mining.
These included noise, heat, vibration, dust, fumes and chemicals such as
cyanide and nitric acid. Personal protective equipment is scarce and use is rarely
monitored. In 2001, there were two
fatalities from February to April 2002, all caused by rock fall due to
inadequate ground support.
One
of the striking workers, they says have suffered enough.
The
strike
The
workers are on their ninth day of strike.
The
workers and their families are not just braving cold nights and hunger in the
picket lines. Violent attempts to
disperse the workers’ ranks have occurred.
The
union leaders received termination papers last Feb. 5.
They were ordered to vacate their barracks in 10 days.
A
Captain Amsiwen of Camp Dangwa brought two union leaders, Ernesto Dulag of the
LLSU and Panelo Ambas of LEU, to the Nayac Police Station last Thursday, Feb. 6.
This is in line with the labor secretary’s assumption of jurisdiction over the
labor dispute.
Last
Feb. 7, about 50 members of the Philippine National Police (PNP) took over the Tubo
picket line hurting some of the workers in the dispersal.
About 120 PNP policemen are currently deployed in the area in addition to
the Armed Forces of the Philippines (AFP) troops stationed there.
The
strike has reportedly gained support from the people of Mankayan
and Baguio. An ecumenical service
was held yesterday at the picket line “to strengthen the workers in their
quest for social justice.” Different
organizations continue to accompany and provide support to the striking workers.
The
LCMCo has lost about P40 million since Feb. 1 yet
management has not acted on the issues raised by the workers.
In
a Sunstar Report last Feb. 4, Flor
Fajilan, the company’s Human Resource Division
Chief and information Officer said, “We decided not to engage with them
because it would appear that their sentiments are valid if we act in their
favor.”
Currently, seven picket lines are guarded by the workers – Nayak, Tubo, Buaki, Mill, 900 Level,CMI Gate 11 and the CPJ. Bulatlat.com
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