Rappler Reports Wrong Name of Mining Company Closed by DENR, Causes Stocks to Decline, Netizen Says

Rappler made a mistake in their news report this Thursday, February 2, 2016 about the list of mining companies that were ordered to be closed by the Department of Environment and Natural Resources (DENR). And although the wrong information on the said news has been corrected, it allegedly caused panic among the stock traders and stocks went down.

“Editor’s Note: In an earlier version of this story, Platinum Group Metals Corporation was in the list of companies with mining operations to be closed, based on the presentation of the DENR. The company, however, was not included in the list later distributed to the media. We have made the necessary correction.” A statement reads at Rappler’s updated news report.

The online newspaper included the final and corrected list of all the names of the affected mining companies in their news report. However, a netizen claimed that Rappler’s error of mentioning Platinum Group Metals Corporation (PGMC) has caused confusion among mining stock holders, and stocks of the said company allegedly drastically declined.

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Screenshot Credit: Rappler.com

“Today’s announcement was done during lunch time when the trading session was on recess. At that point, Rappler posted a news report saying that PGMC is one of the companies to be closed by DENR.” An unnamed netizen allegedly wrote in a message at Sass Rogando Sasot Facebook page, shortly after Rappler corrected their news report.

“Before trading resumed at 1:30PM, stock holders who fed on Rappler’s news report have one thing to do: sell immediately even if entails losses….Unfortunately, Rappler’s erroneous news article caused confusion, fear and eventually caused emotional selling spree of FNI stocks at extreme losses.” The said Facebook post added.

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According to the netizen, the stocks at FNI (Global Ferronickel Holdings, Inc) opened at P2.92, but plunged at 2.19 when stock holders read Rappler’s wrong news report. But after the company clarified that their subsidiary, PGMC was not among those mining companies ordered to be closed, the stocks rose again, and closed at 2.74.

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As of posting, Rappler has not yet commented on this issue. And despite the fact that they have already corrected their error, we at Taho News could not find any post that the newspaper has apologized to PGMC. Meanwhile, a certain Paz Concepcion commented that it was actually the DENR that initially made a mistake during its presentation.

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