Sunday, 30 May 2010

Mining inflows hit $2.9-billion of as of May

By MELODY M. AGUIBA
Manila Bulletin
http://www.mb.com.ph/articles/259705/mining-inflows-hit-29billion-may

Cumulative investments in the mining sector already have reached $2.885 billion as of May this year and are expected to hit $4.314 billion investment by the end of the year and $13.581 billion by 2013, data from the Mines and Geosciences Bureau (MGB) showed.

The $2.885 billion figure represents the cumulative investments generation since the government embarked on a revitalization program for the mining sector in 2004, the MGB said.

From only $200.5 million mining investment in 2004, MGB record showed investments rose to $457.15 million in 2005, dropped to $190 million in 2006, and then up sharply to $708 million in 2007.

By 2011, mining investment for the year is projected to reach to $3.416 billion; 2012, $3.86 billion; and 2013, $1.99 billion.

For this year alone, MGB said that five projects under the construction and development stage would bring in $892.17 million in additional investments.

Major investments include the Sumitomo Metals high pressure acid leach project in Surigao. The company has allocated $800 million for the project construction this year Another project under construction is Siana Gold Project of Red 5 with $65 million as it just signed a contract with for the development in the Surigao del Norte site. The three other projects under construction are Iligan Ferronickel Smelter plant, $12 million; Manticao Ferronickel Smelter Plant, $7 million; and Didipio Copper-Gold in Nueva Vizcaya, $7.35 million.

Other mining investment sources for this year are 17 mining projects, which are on their various stages of development.

There are also 19 other priority exploration projects. Projects under the feasibility-financing stage are also expected to boost investments in the mining sector.

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