MANILA, Philippines - A mining company, Investwell Resources Inc. (IRI), yesterday dismissed as “lies and mere fabrication†the accusation that it was issued a mining permit despite having issues with the government.
IRI issued the statement after the Yinlu Bicol Mining Corp., also in a statement, asked the Department of Environment and Natural Resources (DENR) to recall its mining permit.
“For the sake of truth, and to defend our company against the many malicious accusations, allow us to state the facts that the company involved is Investwell Resources Inc. We have no issues with the government. Investwell Minerals Development Corp. is a different company,†IRI clarified.
“Second, what the DENR approved is the deed of assignment of the MPSA (mineral production sharing agreement) of another company, Tran-Asia, to IRI. This is not yet a permit for the large-scale mining operations we intend to go into. There are more regulatory conditions we still have to satisfy,†it added.
According to IRI, it submitted the deed of assignment for DENR review and approval on Nov. 8, 2011 and it took 14 months before the DENR finally approved it.
It added that the accusation that its principal, Yii Ann Hii, was barred from operating a mining project in Bicol, is a fabrication.