Sec. Dominguez denies ownership in Tampakan Mining

Sec. Dominguez denies ownership in Tampakan Mining

- in Economy, News
File photo shows Finance Secretary Carlos Dominguez at the economic forum in Davao City last June.

Finance Secretary Carlos Dominguez has denied owning any shares in the multi-billion-dollar Tampakan mining project in South Cotabato. In a text message sent to MindaNation, the Secretary made it clear that he has “no shares in Tampakan or any other mine.”

The clarification came about after a news story came out on in which it was reported that Dominguez and Environment Secretary Gina Lopez are on a “collision course” over Lopez’s refusal to give a permit to the mining project. The report further speculated that there is a brewing “battle of Duterte allies.”

Lopez was quoted as saying that the Tampakan mining project is “on top of hundreds of hectares of agricultural land, the food basket of Mindanao, and you want to put a 700-hectare open-pit mine? I don’t care how much money they give us. It’s not worth it. Who is making the money here and who is taking the risk?

While there is no mention as to the source of the information, the writer identified Dominguez as “part owner of Sagittarius Mining Inc. (SMI) which has a pending proposal to spend $5.9 billion to dig into one of Southeast Asia’s largest untapped resources with an estimated yield of 11.6 million tons of copper and 14.6 million ounces of gold.”

However, in an August 2014 news story that came out in the Philippine Star, the owner of Tampakan was identified as Indophil Resources. This after it bought out the 62.5% shares of Glencore-Xstrata. Sagittarius Mining is not listed as an owner.

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