BAGUIO CITY – Mining industry stakeholders want the government to provide clear and very clear mining policy regime that will pave the way to maximize the benefits of the mining sector as one of the major economic drivers in the future.
In his technical paper presented during a recent mining conference spearheaded by the Philippine Mine Safety and Environment Association (PMSEA) and the Philippine Society of Mining Engineers held here, Dr. Graciano Yumul, Jr., senior vice president of the Cordillera Exploration Company, Inc., stated that among the current motivation of the mining sector to be able to rebound from the current situation include radical engagement and dis-engagement, which focuses on the commitment of the mining companies for the Development of New Mine Technology and Geosciences (DMTG) leading to the opening of new mines; liberalization of explorations by reducing the stringent requirements and apply consistent regulations focusing on rational applications.
He pointed out that the mining sector is an agent of transformative change that is relevant and needed by the country because mining is a critical contributor to development as without mining, the world order will go haywire.
Further, the CEXCI official claimed that mining is also a focus enabler because of its contribution to inclusive economic growth.
According to him, the country has a slow energy transition minerals (ETM) supply roll out which are the major components in renewable energy as they are actually materials and not fuel inputs.
He explained that because of the aforesaid scenario, the country has unmet emission targets as the energy transition minerals are major components of renewable sources of energy.
He admitted that next year is a re-direction year for the mining sector considering the absence of mining super cycle, thus, the sector must continue to aspire for a stable mining sector.
Among the issues confronting the country’s mining sector include the high demand for fossil fuel that causes climate change problems aside from compounded disasters and geo-political realignment.
Yumul emphasized that the mining sector is also facing issues on high capital but with a long return of investment of the shareholders, the high carbon emission taxes and low environmental, social, governance (ESG).
He asserted that mining companies need to invest on ESG because communications and clients are for real, stakeholders’, economic opportunity, company reputation among others.
Yumul stipulated that ESG is not a concept but a way of life, not an outcome but a process and corporate special responsibility, corporate social voluntarism and ESG are all together as one.
However, he emphasized that there are also issues confronting ESG such as work investment, brainwashing, greenflation and pluralistic ignorance.
Yumul was one of the technical paper presenters during the 68th Annual National Mine Safety and Environment Conference which is a major event of the PMSEA and PMSEM.
