Mining stocks plunged after Gina Lopez’s appointment as DENR secretary.
Mining stocks has plunged as ABS-CBN’s Lingkod Kapamilya Foundation Chairman Gina Lopez accepted the Department of Environment and Natural Resources (DENR) post.
The incoming environment chief was invited by President-elect Rodrigo Duterte to join his cabinet. Lopez officially accepted the position last week Tuesday.
According to Inquirer, mining stocks has plunged over the week after Lopez accepted the post. Lopez is known as anti-mining advocate.
The report said that Philex Mining lost 22 percent of its value which is equivalent to 10 billion pesos. Philex is the largest mining company and gold producer in the country headed by business tycoon Manny Pangilinan.
It is expected that Gina Lopez will implement the mining laws. In a previous interview, Lopez said that there is no such thing as responsible mining, noting that poorest areas in the country are mining sites.
“If there is responsible mining why is it that wherever there is mining, there is poverty? The poorest sites in the country are mining areas,” she was quoted saying.
Other mining firms Semirara and Nickel Asia also reported losses with 11 billion and 4 billion respectively. Apex Mining and Lepant Consolidate Mining experienced also significant losses.
Gina Lopez is the daughter of ABS-CBN chairman emeritus Eugenio Lopez Jr. She is known for her anti-mining advocacies and for her work in rehabilitating the Pasig River through the “Kapit Bisig Para Sa Ilog Pasig” program.
