Lafayette management team gives way to new owners
The management team of Lafayette Philippines Inc. headed by former Agriculture Secretary Carlos “Sonny” Dominguez has resigned following the purchase by Korean investors of Lafayette Mining Limited’s 74-percent stake in LPI.
However, the Korean investors are reportedly trying to covince Dominguez and his team to stay on.
The LG Group of
LG and Kores, through their joint venture company Philco Resources Limited (Philco), reached agreement with Lafayette Mining Limited last March 25 this year to purchase Lafayette’s 74-percent stake in LPI.
LG and Kores reportedly paid an initial $18 million to
Philco initially controlled just 26 percent of LPI.
Its acquisition of
LPI also controls 40-percent of Rapu-Rapu Minerals, Inc. (RRMI) which holds the mineral production sharing agreement (MPSA) for the Rapu-Rapu mine located in
LPI also holds a 40 percent stake in Rapu-Rapu Holdings, Inc. (RRHI) which, in turn, controls 60 percent of RRMI.
LPI’s partner in RRHI is F&N Holdings, Inc. which owns 60 percent.
F&N Holdings, Inc. is represented by lawyers whose principals are unknown.
The purchase was finalized last April 21.
Officials of LG and Kores, as well as of
LG and Kores had earlier informed the Mines and Geosciences Bureau (MGB) of the takeover and assured the DENR that Philco would provide the necessary working capital to protect the environment and employes of RRPI and RRMI until the takeover was completed.
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