Mining firms line up $30-B investments

MANILA, Philippines - Over $30 billion investments in the local mining industry have been lined up over  the next five to 10 years, the Chamber of Mines of the Philippines (COMP) reported.

“Investments of $20-30 billion infusion into the economy over five to 10 years with the inclusion of several new projects,” COMP said.

This year, expected projects to be operational are Asiaticus Management Corp. in Davao Oriental and  Global Ferronickel Holdings Inc.’s Ipilan Mine in Palawan.

By 2017, Pangilinan-led Philex Mining Corp.’s Silangan Project in Surigao del Norte, Nationwide Development Corp.’s Kingking Project in Davao del Norte and TVI Resource Development Philippines Inc.’s Balabag Gold-Silver Project are all expected to take off, with combined investments pegged at $6 billion.

Projects targeted for operation by 2018 include Sagittarius Mines Inc.’s Tampakan Mine development in South Cotabato, Intex Resources project in Mindoro and Philsaga Mining Corp.’s gold project in Masbate.

Also included in the 2018 pipeline are San Miguel Corp.’s project in Surigao del Sur and Benguet Corp.’s Balatoc Mines. Investments for 2018 is estimated to reach $14.75 billion.

Furthermore, initial project expected in 2019 is the $2 billion Far South East Gold project of Lepanto Mining Corp. in Benguet.

COMP said increased production and exports of minerals and metals will lead to incremental export receipts of $2 billion annually.

It added that revenue to be generated can reach up to $50 million yearly, with employment of more than three million jobs in three to five years.

In 2015, total investments in major mining projects reached $925 million, down  22.5 percent from $1.2 billion in 2014.

Meanwhile, the COMP also welcomed the assumption into office by President Rodrigo Duterte and emphasized that building a strong country does not rest on one man alone.

“It is a collective effort of pushing for inclusive growth within the bounds of the law, honoring legitimate transactions and implementing transparency in all activities that affects the lives of the people,” COMP said.