Australian Mining Firm Lafayette Appoints Former Philippine Environment Chief as CEO

Strategic Insights -

Lafayette Philippines, the Australian mining firm that was fined for violating the Philippines' anti-pollution law, has appointed a new CEO to oversee the operation of its gold and copper mining project on Rapu-rapu island. Carlos Dominguez, a former Philippine government environment chief and president of Philippine Airlines, has vowed to institute systems and controls to ensure the safe and efficient operation of the company's mining project.

Dominguez has promised to prevent another pollution incident, ensure full compliance with Philippine environmental laws, and provide full transparency to the surrounding communities, the church, the government, and the economy. He also plans to install an online monitoring system to provide real-time information on the site's operations.

Key Takeaways:

  • Lafayette Philippines has appointed Carlos Dominguez, a former Philippine government environment chief, as its new chairman, president, and CEO.
  • Dominguez has vowed to institute systems and controls to ensure the safe and efficient operation of the company's gold and copper mining project on Rapu-rapu island.
  • The Philippine government suspended and fined Lafayette Philippines for violating the country's anti-pollution law after its Rapu-rapu mining site accidentally discharged cyanide-laden wastes.
  • Dominguez has promised to prevent another pollution incident and ensure full compliance with Philippine environmental laws.
  • The company plans to install an online monitoring system to provide real-time information on the site's operations.
  • Dominguez will lead a group that will initially invest A$1 million (US$751,300) in Lafayette Mining Limited, equivalent to a 1.6% stake in the company.
  • The new Filipino-led management team will receive 10.75 million options at an exercise price of 17 Australian cents per share plus five million options at 12 cents per share.

Statistics:

  • Lafayette Philippines' Rapu-rapu mining site measured 350 km south-east of Manila.
  • A$1 million (US$751,300) will be invested in Lafayette Mining Limited, equivalent to a 1.6% stake in the company.
  • The new Filipino-led management team will receive 10.75 million options and 5 million options at an exercise price of 17 Australian cents per share and 12 cents per share, respectively.
  • The Philippine government suspended and fined Lafayette Philippines for violating the country's anti-pollution law.

Sources:

  • Asia Pulse, "Australia-lifts-its-eyes-above-water-again", Jan 18.