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Monday, July 03, 2006
Mining firm spends P462T for social dev't projects
THE management of the Lepanto Consolidated Mining Corporation (LCMC) has shelled out more than P462,000 for the social development projects benefiting its host communities.
The amount covers the assistance extended to various communities during the first quarter of this year. This was appropriated from the P91,448,286 direct milling and mining cost (DMMC) generated by the company for the first three months of 2005.
The P462,664.36 spent for LCMC's social development and management program represents 0.51 percent of the company's DMMC.
Mining firms are mandated by law to allocate at least one percent of their DMMC as assistance to their host communities.
Among the projects assisted by LCMC included the construction of school buildings and facilities, conduct of training workshops and health care programs, and other infrastructure undertakings.
The company's community affairs office recommended that monitoring of all the activities should be given significance so that all projects that are to be started, ongoing, or those that are already completed are properly inspected.
Also, LCMC advised that the roles of the stakeholders on projects that were already turned over should be defined to ensure that the projects are continuously and properly maintained. (JC)
(July 3, 2006 issue)
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