2008 mine deals seen to rack up P11.6B in sales
By Amy R. Remo
Philippine Daily Inquirer
First Posted 18:40:00 02/24/2008
THE PHILIPPINES may find itself on the mining map once key mineral projects become operational early next year.
Production from seven priority projects alone are projected to have a total sales value of $291 million or P11.6 billion in 2008, and $670 million or P26.8 billion in 2009.
"We are setting up mechanisms for more efficient processing to hasten ... these mining investments," said Environment and Natural Resources Secretary Lito Atienza.
According to Atienza, 2008 is a critical year for the industry as several major mining firms are expected to move on from the construction and development stage, and start actual production.
Projects now in the development stage are Carmen Copper Corp.'s Toledo copper project in Cebu, production of which is projected to have a combined sales value of $19.52 million in 2008; OceanaGold's Didipio copper-gold project, $15.94 million; Palawan HPAL Nickel Project Line 2, $18.56 million; Filminera Masbate gold project, $43.27 million; Iligan Ferronickel Smelter Plant, $140.32 million; Manticao Ferronickel smelter plant, $40.86 million; and the Philsaga gold project, $12.24 million.
Currently, there are 10 projects that are in the operating and expansion stage.
According to the World Bank, a country can be considered a mining country if its mineral and mineral product shipments contribute at least 6 percent to total exports.
The DENR hopes to raise to 6 percent the contribution of the mining industry to the country's total exports once the projects are in place by 2009.
Last year, exports of minerals and mineral products had reached $2.37 billion, contributing 4.8 percent to total exports.
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