Placer writes off Marcopper stake

Placer Dome (PDG-T) has divested itself of its interest in Marcopper Mining of the Philippines, following a tailings spill in 1996 that forced the Vancouver company to take a US$43-million charge against earnings.

Placer has almost finished repairs at the Marcopper mine, and less than 30% of the tailings are still in the river channel.

The company will continue financing the environmental guarantee fund — an independent fund designed to offset the impact of the spill on the local population.

The incident contributed to a US$65-million loss for the company last year.

Placer intends to continue exploring for gold in the Philippines through Manila-based Placer Pacific Exploration Philippines.

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