It's not fundamentals that are holding this stock back. It's the...

It's not fundamentals that are holding this stock back. It's the new Philipine government, and uncertainty about what new policies they're likely to bring in regarding mining by foreign owned entities. The new Environment secretary, Gina Lopez, is adamant that ALL mining agreements are under review.
Medusa has a good reputation in the Philipines - it takes care of its people and undertakes social programs and education --- and it is definitely worth much, much more than its current MC.

BUT

... all bets are off until clarity returns

"Environment Secretary Gina Lopez believes it's time to change the Philippine Mining Act since she said it's an "unfair" law that is "skewed towards the mining sector, and not towards our people."
"We have to change that. Mining companies say they're giving to the economy. What? Out of P35 billion net, P29 billion goes to the mining company, only P6 billion goes to the country, and out of that P6 billion, a very small amount goes to the community, like almost nothing," Lopez said in a DZMM interview on Tuesday morning, July 12.
Environmental groups have also called on policymakers to repeal the Mining Act of 1995. They want a law that would protect the rights of Filipino mining workers, local communities, and state interests. (READ: TIMELINE: Philippine mining laws and policies)
Lopez, a known anti-mining advocate before her appointment as head of the Department of Environment and Natural Resources (DENR), again reiterated on Tuesday that she is not against the mining industry, but she's against the suffering of people in mining communities.
"You cannot build an economy, a company based on suffering. I will not allow it to happen in DENR," she said, as she again warned mining companies to get their act together. (READ: Lopez to DENR officials: 'Be proactive, inspire people')
Lopez immediately ordered an audit of all existing mines in the country on her first day as environment secretary. A week after the audit, at least 4 mining companies have been suspended for violating environmental standards: BenguetCorp Nickel Mines Incorporated, Eramen Minerals Incorporated, LNL Archipelago Minerals Incorporated, and Zambales Diversified Metals Corporation."
  (from: http://www.rappler.com/nation/139424-gina-lopez-philippine-mining-act-unfair)

Also read:
http://oilprice.com/Latest-Energy-N...nt-Threatens-Philippines-Mining-Industry.html
http://www.reuters.com/article/us-philippines-mining-idUSKCN0ZG39O