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THE Department of Environment and Natural Resources said investments
in the Philippine mining industry have grown to over a billion
dollars from 2004 to 2007.
The investments have reached a total of $1.4
billion, with the Palawan HPAL Nickel Project (Line 1) infusing the
largest amount of $309.59 million.
The Line 1 nickel project is operated in Rio
Tuba, Bataraza, in Palawan by Coral Bay Mining Corp., a Filipino-Japanes
joint venture.
DENR Secretary Lito Atienza said the company’s
expansion project poured in an additional $230 million in 2007.
He said the second largest investment, amounting
to $230 million, came from Palawan HPAL Nickel Project (Line 2), an
expansion project also being operated by CBMC in Bataraza, Palawan,
while the third largest mining investment during the period
amounting to $169 million came from Carmen (Toledo) Copper Project
operated by Carmen Copper Corp. in Don Andres Soriano in Toledo
City.
The total mining investments covering the period
2004-2007 came from the exploration, mining operation, and
construction and development activities of some 63 mining companies
now doing mining business in the country, Atienza said.
The DENR chief said that since the start of the
mining revitalization program in 2004, some 6,500 new jobs have been
generated by the industry. More than 30,000 jobs are projected to be
generated by the industry between this year and 2010.
Atienza further said that the government expects
mining investments to hit $1.8 billion by year-end as seven more
projects advance into production this year.
These are Carmen Copper Project, Didipio
Copper-Gold Project, second line of the Palawan Nickel Project,
Masbate Gold Projects of Filipino-Australian joint venture,
Filminera Resources Corp., Iligan and Manticao Ferronickel Smelter
Plants of Platinum Group Mining Corp. and another
Filipino-Australian consortium Philsaga Gold Project of Philsaga
Mining Corp.
“With all these projects going into
production, we expect our mineral output to increase to a level
which would turn the Philippines into a mining country by 2009,”
Atienza said.
Under the World Bank standards, a country with
mining exports reaching 6 percent of its total exports is considered
“a mining country.”
The DENR chief also said that the country’s
metallic mineral production, which was estimated at P95 billion last
year, could possibly hit over P120 billion next year. “A dramatic
increase that could also lift the mining industry’s exports
contribution to 6 percent of the total Philippine exports,” he
added.
“We are also confident that by 2010-2011, we
already have a $10-billion industry that can sustainably generate
income to our government and help provide social benefits down to
the poorest of the poor in the countryside,” Atienza said.
Among the 63 mining projects currently setting
their investments in the country’s mining industry, 10 are
operating, seven are in the construction and development stage, nine
are under feasibility and financing stage, another nine in advance
exploration stage, five projects under the second tier projects
which are highly potential projects that are still undergoing
funding negotiations, and 23 priority exploration projects.
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