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Warnings Raised on Maharlika Mining Investment
The Philippine Star
|March 07, 2025
The latest investment of the country's sovereign wealth fund could translate to P31 billion in environmental damage, according to an advocacy group.
In a statement, policy and advocacy group Legal Rights and Natural Resources Center (LRC) claimed that the $76.4 million (P4.4 billion) investment of the Maharlika Investment Corp. (MIC) in the copper-gold project of the Makilala Mining Corp. could result in billions of pesos in environmental damage.
According to LRC's computation, based on global benchmarks, the investment could translate to P31.15 billion in damage considering that every $1 of mining capital is equivalent to $7 in damage.
"Even considering the lowest and median projections of the study would result in $0.50 to $3.80 in damage," LRC said.
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