|Project Details||Rapu Rapu island has a size of 5,589 ha . The Rapu-rapu polymetallic project covers 4,538.7955 ha .|
In 2008, mine production data were forecasted with annual revenues of $350 million from yearly production of around 11,000 tons of copper and 13,000 tons of zinc .
Prior to the administration of Lafayette Limited Inc. (December 2007), the Rapu Rapu polymetallic mine was operated by RRMI - Rapu Rapu Minerals Inc. (mining), and RRPI - Rapu Rapu Processing Inc. (processing Inc.); both companies were subsidiary of Lafayette Phillipines Inc (LPI), owned by Lafayette Mining Ltd (74%) and Philco Resources (26%). Philco Resources is further owned by LG International and Korean Resources Crop (KORES). Also Rapu Rapu Holdings Inc (RRHI), owned largely by F&N Property Holdings Inc. held a share of RRMI .
After restructuration (2008) Lafayette Mining Ltd. Sold its shares to Philco Resources and Malaysian Smelting Corp. (MSC) .
An international consortium of banks financed Lafayette that invested in the mine, with an investment size amounting up to 268 million USD . Among them was Australian ANZ Banking group as the most important financier; other involved banks were ABN AMRO BANK NV, Investec Bank Mauritius Limited, Standard Chartered First Bank (Korea) Limited; FA International Limited . ANZ, ABN AMRO BANK and Standard Chartered First Bank are signatories of the Equator Principles, which should provide guidelines for responsible banking and investment .
Note that this is not the first mine on Rapu Rapu; already in the 1960s, a relatively small mine was operated by Filipino Hixbar Mining Company. Acidic run-offs from the site are still affecting the island .
Villages with direct impact of the mine were: Barangay Binosowan, Pagcolbon and Malobago. Indirect impact areas included Barangay Poblacion, Santa Barbara, Linao and Tinopan . Around 14,000 people were reported to suffer negative livelihood impacts .
|Project Area (in hectares)||4,538|
|Level of Investment (in USD)||loan size: 268,000,000|
|Type of Population||Rural|
|Potential Affected Population||14,000|
|Company Names or State Enterprises||Philco Resources Limited from Republic of Korea - mining|
LG Electronics International (LG) from Republic of Korea - technology
Rapu Rapu Minerals Inc. (RRMI) from Philippines - mining
Rapu Rapu Processing Inc. (RRPI) from Philippines - mining, processing
Lafayette Phillipines Inc. (LPI) (LPI) from Philippines - mining
Lafayette Mining Ltd. from Australia - mining
Korea Resources Corporation (KORES) from Republic of Korea - industry
F&N Property Holdings (F&N) from Philippines - property development
Malaysian Smelting Corp (MSC) (MSC) from Malaysia - metals, tin, smelting
|Relevant government actors||Department of Environment and Natural Resources (DENR)|
|International and Financial Institutions||ANZ Bank group Australia (ANZ) from Australia - banking, finance|
ABN Amro Bank (ABN AMRO) from Netherlands
Investec Bank (Mauritius) Limited from Mauritius - banking, finance
Standard Chartered First Bank (Korea) Limited from Republic of Korea - banking, finance
FA International Limited from United Kingdom
|Environmental justice organisations and other supporters||Save rapu rapu alliance; Kilusang Magbubukid ng Pilipinas (KMP); Sagib Isla Sagip Kapwa; Center for Environmental Concerns (CEC); Kalikasan People's Network; Eucumenical Bishops Forum (EBF); Catholic Bishop’s Conference of the Philippines (CBCP); Greenpeace; Oxfam Australia, and others.|