'Mine Development + Environment' at the Same Time?... LX International Achieved It in the Philippines

[Financial News] LX International announced on the 21st that it received the final transfer certificate for the Lapu-Lapu Copper Mine from the Mines and Geosciences Bureau (MGB) under the Philippine Department of Environment and Natural Resources (DENR). This is the first case officially certified for verifying and implementing the 'Final Mine Rehabilitation and Closure Plan' since the Philippine government mandated environmental restoration through the amendment of the Mining Act in 1995. It is also the first time a Korean company has completed environmental restoration work on an overseas mine and received official approval from the local government.
On the 20th, a commemorative signing ceremony was held at the Mines and Geosciences Bureau in Manila, Philippines. The ceremony was attended by Michael Cabalda, the Director of the Mines and Geosciences Bureau, and other Philippine government officials.
LX International acquired the Lapu-Lapu Copper Mine in 2008 and began producing copper and zinc, then started environmental restoration work in earnest from 2018. During the restoration process, they collaborated with residents to promote soil and water restoration and ecosystem recovery. They also supported educational activities by improving the living infrastructure of nearby villages and constructing elementary schools.
The Philippine mining industry sees this case as an important turning point for the overall Philippine mining industry. Michael Cabalda, Director of the Philippine Mines and Geosciences Bureau, said, "This is a case of sustainable development and environmental restoration based on corporate responsibility, and a model case of coexistence with the local community," and "We will actively cooperate with LX International's resource business in the future."
LX International plans to continue promoting sustainable resource business in the future. First, they are pursuing additional nickel asset acquisitions to increase the productivity of the Indonesian AKP Nickel Mine acquired in 2024. In the mid to long term, they plan to diversify their business portfolio by reviewing investments in overseas copper assets such as in the Philippines. The Philippines is one of the major copper-rich countries and is rich in mineral resources such as nickel, cobalt, and gold. LX International is seeking various business opportunities by establishing a Manila branch this year to utilize this.
An LX International representative explained, "This achievement is the result of collaboration between the company, the local community, and government agencies," and "It has proven that responsible mine development and environmental restoration can be pursued simultaneously, presenting a direction for sustainable resource development." kjh0109@fnnews.com Kwon Jun-ho Reporter