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Yinlu Bicol Mining Corporation vs. Trans-Asia Oil and Energy Development Corporation

YINLU BICOL MINING CORPORATION, PETITIONER, VS. TRANS-ASIA OIL AND ENERGY DEVELOPMENT CORPORATION, RESPONDENT.

G.R. No. 207942 | 2015-01-12

FIRST DIVISION
 
D E C I S I O N

BERSAMIN, J.:

Rights pertaining to mining patents issued pursuant to the Philippine Bill of 1902 and existing prior to November 15, 1935 are vested rights that cannot be impaired.

Antecedents
 
This case involves 13 mining claims over the area located in Barrio Larap, Municipality of Jose Panganiban, Camarines Norte, a portion of which was owned and mined by Philippine Iron Mines, Inc. (PIMI), which  ceased operations in 1975 due to financial losses. PIMI’s portion (known as the PIMI Larap Mines) was sold in a foreclosure sale to the Manila Banking Corporation (MBC) and Philippine Commercial...