New investors pledge $30M for Lafayette

Rogelio Corpus, president, Rapu-Rapu Minerals Inc. (RRMI), made this statement during a presentation of the company’s plans and programs before the members of the Provincial Board of Albay last Oct. 7.

Corpuz said that last April 21, 2008, Philco Resources Ltd. acquired LPI from Lafayette Mining Ltd. of Australia. Philco Resources is composed of LG International and the Korean Resources Inc. (Koreso. Philco Resources owns 70 percent of the company while the Malaysian Smelting Corp. Later acquired 30 percent of the company.

The project arms are the Rapu-rapu Minirals Inc. (RRMI) and the Rapu-Rapu Processing Inc. (RRPI), which is headed by Marcial Campos, its president.

According to Corpus, the company has a total workforce of 789 56 percent or 400 of whom come from the island town and about 16 percent come from outside the Bicol region mostly technical personnel.

The new owners of Lafayette have committed to comply with all the laws and regulations of the Mining Act of 1996 of the Department of Environment and Natural Resources (DENR), Corpus said. Furthermore, he said that the island town has a total land area of 5,500.00 hectares but only 180 hectares have been set aside as a mining area. A total of 17 hectares have been set aside as the site for the open pit mining operation. The mine site is localed in the Barangays of Pagcolbon, Malabago and Binsawan as the direct impact area and the barangays of Linao, Tinupan and Sta. Barbara as the indirect impact area.

Corpus said that the target during normal operations next year would be the production of 10,000 metric tons of copper,14,000 metric tons of zinc, 50, 000 ounces of gold and 600,000 ounces of silver.

The company has set aside P167 million for the rehabilitation and decommissioning of the mine, “Corpus said.

“Recently, we deposited P20 million in the bank and we committed to deposit P5 million every month thereafter until such time that the document on the mine rehabilitation has been approved by the Mines and Geo-sciences Bureau (MGB), “ Corpus said.

Board Members Celso Aytons, chairman, committee on environment, and BM Ostiano Calleja, Ramon Alsua, and Engr. Jose Flores, provincial mining consultant, asked the speaker questions about the safety of the mine and the benefits to be derived from the mining operation.

Also present but did not participate in the discussion were Marcial Campis, president of RRPI, Won of Kores and Lo of Malaysia Smelting Corporation.(BicolMail)

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