"entrenched corruption" - all of The Philipines. Companies learn to survive regardless.
"typhoons" - all of The Philipines but not much impact underground. Serious damage above ground is very local to the path of the typhoon and so risk is low.
"terrorism" - largely MIndanao but somehow, MML keep operating and TBR bought into a mine there recently, while Siana was operating regardless of the insurgency. The impact may not be as much as you think.
Cap Raise, page-27
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