Monday, August 20, 2007


"The Philippines archipelago of more than 7,200 islands is among the world's most mineral-rich countries, with gold, silver, bauxite, nickel and coal mines. But it remains one of Asia's poorest nations, with a fragile democracy, slow growth, weak institutions, and a widening wealth gap. Its mineral reserves are estimated to be worth £420bn, yet only 1.4% of the estimated 22m acres (9m ha) of mining land is covered by permits. To exploit the resources the government formed a mining act in 1995. It claimed the industry would bring an extra million jobs over the next six years, although only 125,000 people are now employed in mining. The development has come at a price for the country's 84 million people. The worst mining disaster was on Marinduque island, involving a leak of 4m tonnes of toxic waste at Marcopper's mine. The estimated damages of £40m have yet to be fully recouped." (thanks Rania)

No comments: