Citinickel asks DENR to lift suspension orderListed Oriental Peninsula Resources Group, Inc. (ORE) are now exerting all efforts for the suspension order on its Palawan mines to be lifted because failing to do so will prevent the company to generate revenues and may thus incur negative impact on its shareholders. DENR logo (MB File Photo)ORE was recently ordered by the Securities and Exchange Commission (SEC) to disclose the effect of the suspension of its subsidiary Citinickel Mines and Development Corp.’s (CMDC) mining operations on the overall financial condition and earnings of the listed firm. “Hence, the Company and CMDC are exerting all administrative and legal efforts to have the suspension order lifted,” ORE told the SEC and Philippine Stock Exchange. According to CMDC, MGB’s order was “prematurely and improperly issued” as there was no prior audit conducted on the operations of the company. It was just last week when the audit of DENR Mine Audit Team on CMDC’s operations actually wrapped up.

Source: Manila Bulletin August 25, 2016 14:32 UTC