Thursday, 11 June 2009

Philippine mining investments to hit $628m

Othel V. Campos
Manila Standard

INVESTMENTS in the Philippine mining sector is projected to hit $628 million this year, up 9 percent from $577 million in 2008, a government official said yesterday.

“We’re still bullish. Metal prices are on the rebound like copper, gold and nickel,” said Mines and Geosciences Bureau director Horacio Ramos, noting that cumulative investments had reached $2.11 billion since the mining was revived in 2004.

He said the government was confident of reaching its goal of generating $10 billion to $12 billion in cumulative investments by 2013.

Ramos said about one-fourth of the projected investments this year, or $157 million, were realized in the first quarter.

Expansion projects include the Palawan HAPL nickel, Rapu-Rapu, Canatuan silver-gold, Sto. Tomas copper, Teresa gold, Berong nickel, Maco nickel, SIRC nickel, PASAR copper smelter; Philsaga Co-o gold and the Acoje nickel of Euro Nickel and Rusina Mining.

Projects that are on the construction and development stage are the Carmen copper, Palawan HPAL nickel line 2, Masbate gold, Canatuan base metal, Iligan ferronickel smelter plant, Manticao ferronickel smelter, Isabela nickel, Philsaga gold expansion and Acoje nickel heap leach.

Those in the feasibility and financing stage are the Tampakan copper project, Surigao Sumitomo HPAL, Boyongan copper, Itogon gold, Nonoc nickel, Mindoro nickel, Akle cement, Runruno gold, Far Southeast gold, and King-King copper-gold project.

There are about seven projects in the advanced exploration stage, three of which are directly managed by the government.

The Mining Bureau remains keen on achieving a “mining country” status by 2011.

1 comment:

  1. Hi there,

    i think the DENR-MGB is overly optimistic about the projected mining investments in the Philippines.

    In the past four years, the Philippines has never met the target investments in mining. Much so for 2009, when the financial crunch would have hit the international large-scale mining companies.

    Also, we know that Philsaga has failed to secure the consent of the provincial government of Agusan del Norte, so there won't be too much progress on that. Similarly, the Canatuan project in Zamboanga del Norte is grappling with lack of investors and the continued resistance of the Subanens (indigenous peoples) in the area.

    THe government, particularly the DENR, is now in a desperate situation, where they have to project that they did not make a blundering decision in revitalizing the mineral industry in the Philippines.

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