By Juzel L. Danganan
MANILA, Feb. 24 (PNA) — Lepanto Consolidated Mining Co. will initiate the arbitration proceedings against the Department of Environment and Natural Resources (DENR) for not renewing the firm’s mining production supply agreement (MPSA).
”We also wish to advise that the company has initiated arbitration proceedings against the Republic of the Philippines, represented by the DENR, in relation to the renewal of its MPSA,” it said in a disclosure with the Philippine Stock Exchange (PSE) Tuesday.
It noted it has applied for the renewal of its MPSA on June 2014.
Lepanto Co. said the two parties disputed the applicability of some provisions in the Indigenous Peoples’ Rights Act to renew its MPSA.
The company said it followed the provisions of the alternative dispute resolution act of 2004.
Moreover, Lepanto said it had filed a petition for interim reliefs with the Regional Trial Court.
Meanwhile, the company will hold its annual stockholder’s meeting on April 20 at 4 p.m. in the Rigodon Ballroom of the Manila Peninsula.
It also announced that March 12 is the deadline for independent director nominations, adding that the nomination must be in writing and signed by the nominee.
Lepanto Consolidated is engaged in gold mining and production, hauling, diamond drilling services and tools, marble cutting, construction industry and insurance.
Its subsidiaries are Diamant Manufacturing and Trading Corp., Shipside, Inc., Diamond Drilling Corp. of the Philippines, Lepanto Investment and Development Corp. (LIDC) and Far Southeast Gold Resources, Inc. (PNA)