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$14-B investments in mining eyed from China within the next 5 years

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Four mining agreements signed with Chinese companies which showed the government’s support for mining activities in the country could bring in $14 billion in investments within the next five years.

Speaking at the “Kapihan sa Diamond Hotel,” Chamber of Mines president Philip Romualdez revealed that at least four mining contracts involving nickel mining projects in Palawan and Zambales were signed during President Aquino’s recent visit to China.

Romualdez said the newly signed mining agreements between the Philippines and China could increase mining investments in the country by $14 billion starting this year to 2016 because of the maturation of a number of mining projects from exploration through the early and final feasibility stages.

“Assuming that all these (projects) materialize, we are looking at $14 billion (mining investments) starting this year through 2016. This year, we see more investments from China involving nickel mining,” the mining chamber’s president revealed.

Romualdez pointed out that the state visit of the President who was accompanied by mining company executives “restored the confidence of the Chinese government and Chinese companies in Philippine mining and the confidence that they have that the Philippine government supports mining throughout the Philippines including Palawan.”

Among the agreements signed during President Aquino’s state visit, he said, were between China’s Jinchuan Group Ltd and local mining companies Tranzen Group Inc. and Macro Asia Corp.

Jinchuan, he pointed out, has already committed to invest $1.5 billion in the Nonoc, Surigao mining project with Philnico Industrial Corp. But this depends if the Philippine government will decide to make Philnico its contractor.

Two other mining companies, the Oriental Peninsula Resources Group Inc. and Eramen Minerals Inc., have signed agreements for projects in Palawan and Zambales.

Romualdez said that Oriental Peninsula was able to secure investments for three projects involving hydropower, coal, and nickel off-take with Yun Feng, a company which owns and controls automotive companies and parts suppliers in China.

The Eramen Minerals project involves nickel off-take and nickel processing in Sta. Cruz, Zambales.

He pointed out that officials from 15 mining companies were in President Aquino’s delegation to China and their discussions with Chinese companies are anticipated to lead to investments in the coming weeks and months.

While the government is looking at $3 billion worth of investments, Romualdez said the mining industry has pegged the estimate at $1 billion because of delays in obtaining permits.

“Part of the problem is that the DENR (Department of Environment and Natural Resources) has been a revolving door for cabinet secretaries. We have had seven cabinet secretaries in the past nine years. In this administration alone, we have had two.


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  • http://www.facebook.com/people/John-Valiente/100000164228510 John Valiente

    I voted for president aquino last election because of his stand on corruption and intelligence but mining in Palawan could be his “DUMBEST” decision ever made since becoming a president if it will push trough!They can mine minerals throughout the Philippines if they want except in Palawan,in my opinion,the government must declare the entire island of palawan as protected area because of its ecological significance.Are they after the money???how much could be the possible “komisyon”kagalang galang na presidente,Spare Palawan for the sake of the future generation…gusto pa namin makita ng mga anak ko at mga magiging apo pagdating ng panahon ang ganda ng PLAWAN!!!!!TAKE NOTE: I’m from Nueva Ecija!

  • http://pulse.yahoo.com/_IAQLUSKZ7TH4C2FHOD7SLQONQ4 bong

    Huge investments.   Great.  This will create jobs for the people.  Taxes like Royalties, Excise, Withholding Tax, Income Tax, the effects on other industries such as utilities, housing, food would be tremendous. 

    Guys,  we should remember that Canada and Australia’s mining industries contribute significantly to their GDP.

  • Pinoy Acn

    14 billion dollar investment and 14 trillion or more income for the chinese. Not bad for the chinese. :)

  • http://joboni96.myopenid.com/ joboni96

    better to let those minerals
    stay on the ground
    until we pilipinos, not tsinese nor chinoys
    can export them as metals

    you’re just giving them ores
    that will come back as sub standard products
    or even as bullets and missiles

    pag nawala na yan
    hindi na maibabalik
    tulad ng crops at livestock at services

    mali ang polisya sa tsinese investments
    with the tsinese west philippine sea grab
    and chinoy control of our economy

    chinoys even reinvest and export their profits
    from the pilipino economy
    to tsina

  • Anonymous

    Great job PNoy!

    Doing business with china is the right thing to do. We should not just rely on the US, Japan, EU, and ASEAN.

    • Pinoy Acn

      Working with the Chinese is the worst thing to do. Do you know a Chinese company in the Philippines that can give a better salary or benefits. Nooooooo..noooooooooo. It’s better to deal with US and EU country.

      • http://pulse.yahoo.com/_IAQLUSKZ7TH4C2FHOD7SLQONQ4 bong

        Don’t be so naive.  Of course there are a lot of professionals who work with PAL, BDO, Megaworld, etc.  Long list Pinoy Acn.   You want to deal with EU –  wow,  what a suggestion!   EU’s economy is unhealthy, some member countries are bankrupt, in recession, huge unemployment.  

        We should aim to become a developed country and be rich.

  • Anonymous

    Wow !!!!   $ 14-B in investments will the Chinese bring in.

    amazing.

    AND HOW MANY WILL THEY TAKE OUT ????????????????/

    It is obvious that the REAL WINNER are the Chinese and that this will make the Philippines poorer and not richer AND like so often RELYING ON A FOREIGN NATION.

    Good job, Mr. Pres.

    … how much, did you say, will they pay for the Spratlys? 

    • Anonymous

      Tama ka Mr.Ben_Benson……Hayyy…..kailangan pa kaya magbabago ang sistema…here we go again, another lopsided agreement (?)….until next investigation uli nang susunod na administration….

  • http://www.facebook.com/people/Arnel-Jolo/100001643013975 Arnel Jolo

    ITO ANG STYLE NG MGA  INTSIK. GINAWANG GATASAN NG PINAS. LAHAT NA GINTO GALING SA PINAS AY DINALA NA SA CHINA.   BAKIT HINDI SILA MAMUHUNAN SA MANUFACTURING INDUSTRY? PURO LANG YATA MINING ANG INVESTMENT NG MGA TSEKWA NA YAN !!!!

  • http://pulse.yahoo.com/_MJCN27L74QLOELVDVIP4V5M544 pinoynusa

    Chinese mining companies are the worst environmental polluters in the world. All mining companies need to be heavily insured so that compensation can be provided to the government and the people if these companies ended up destroying the environment.



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