Special Report: Analysis of the DENR’s mining audit results

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DENR’s Mining Audit results

DENR Sec. Gina Lopez’s announcement of the mining audit results yesterday led to the negative sentiment of the mining and oil sector and caused a sell-off.

The DENR has ordered to shut a couple of dozen mining sites, mainly nickel producers that account for about half of output in the world’s top nickel ore supplier and about 10% of world supply, in a government campaign to fight environmental degradation by the industry.

The firms have 15 days to appeal their case before the DENR and should their plea get rejected, they could elevate their case to President Rodrigo Duterte.

Here is a summary of the mining audit results.



  1. Benguet Corp. Nickel Mines
  2. AAMPHIL Natural Resources Exploration
  3. CTP Construction and Mining Corporation
  4. Eramen Minerals
  5. Krominco Inc.
  6. Carrascal Nickel Corporation
  7. Zambales Diversified Metals Corporation
  8. Oriental Vision Mining Philippines Corp.
  9. Marcventures Mining and Development Corporation
  10. LNL Archipelago Mining Corp.
  11. Libjo Mining Corporation
  12. Hinatuan Mining Corporation
  13. Mt. Sinai Mining Exploration and Development Corp.
  14. Adnama Mining Resources
  15. SinoSteel Philippines H./Y. Mining Corporation
  16. Emir Minerals Corp.
  17. Claver Mineral Development Corporation
  18. Oriental Synergy Mining Corporation
  19. Techiron Mineral Resources
  20. Platinum Group Metals Corporation
  21. Wellex Mining Corporation



  1. OceanaGold Philippines
  2. Berong Nickel Corporation
  3. Benguet Corp.
  4. Citinickel Mines and Development Corporation
  5. Ore Asia Mining and Development Corporation
  6. Strong Built Mining Development Corporation


List of affected PSE-listed mining companies

  1. NIKL (Hinatuan Mining Corporation)
  2. FNI (Platinum Group Metals Corporation)
  3. MARC (Marcventures Mining and Development Corporation)
  4. WIN (Wellex Mining Corporation)
  5. BC (Benguet Corp. Nickel Mines)
  6. AT/DMC (Berong Nickel Corporation)
  7. LC (Benguet Corp.)
  8. ORE (Citinickel Mines, Ore Asia Mining)


Our Partner Broker’s Analysis and Recommendation

Based on the results of the mining audit that was released yesterday…

For this year, we expect NIKL and FNI to …

We recommend investors to …


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AP Securities (formerly Angping & Associates Securities)
AP Securities (formerly Angping & Associates Securities)

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