Gov’t to seek more mining investments
Posted by Paulo Tidalgo on March 26 2009 11:35:49
MANILA, Philippines — Mining officials led by Environment and Natural Resources Secretary Lito Atienza will attend this year’s Asia Mining Congress in Singapore to promote mining opportunities in the Philippines. Mines and Geosciences Bureau chief Horace Ramos said Philippine delegates to the mining congress, which will be held in the last week of March, would drum up investor interest in the local mining industry. “We are hoping to attract more foreign investors,” Ramos said. “The secretary will keynote the government forum during the congress and I will present the status and trends in our mining industry.” Even as existing foreign investors have committed to stay in the Philippines, he said Atienza wanted to continue networking with as many new investors as possible. Ramos said the secretary might also meet with present investors to get updates on their activities in the Philippines.
Extended News
MANILA, Philippines — Mining officials led by Environment and Natural Resources Secretary Lito Atienza will attend this year’s Asia Mining Congress in Singapore to promote mining opportunities in the Philippines. Mines and Geosciences Bureau chief Horace Ramos said Philippine delegates to the mining congress, which will be held in the last week of March, would drum up investor interest in the local mining industry. We are hoping to attract more foreign investors,” Ramos said. “The secretary will keynote the government forum during the congress and I will present the status and trends in our mining industry.” Even as existing foreign investors have committed to stay in the Philippines, he said Atienza wanted to continue networking with as many new investors as possible. Ramos said the secretary might also meet with present investors to get updates on their activities in the Philippines. “Xstrata , Medusa, Metals X [Metals Exploration Plc] and many others will be there,” he said. Earlier this year, the government scaled down its mining investment target to $800 million from $1 billion. The new target, however, is still more than the $650 million investment inflow in 2008. Most foreign investors opt to be minority partners in joint ventures with Filipino firms, especially in the early phase of exploration. So far, only two foreign investors have signed Financial Technical Assistance Agreements (FTAA), which allows 100 percent foreign ownership in large mining projects with an initial capital of at least $50 million. One is Australian firm OceanaGold Corp., which operates the 19,363-hectare Didipio gold-copper project in Nueva Vizcaya. Another is Swiss firm Xstrata Plc, the operator of the 27,945-ha Tampakan gold-copper mine in South Cotabato with Sagittarius Mines. The third FTAA covers the 46,052-ha iron and copper project of Filipino company Agusan Petroleum & Mining Corp. in Occidental Mindoro province.
Ported from the Article of Riza T. Olchondra
Philippine Daily Inquirer
First Posted 01:31:00 03/24/2009