PH beats mining investments target

Philippine mining investments grew faster than expected in 2013 despite the absence of new commitments as investors continued spending for existing ones.

Mines and Geosciences Bureau (MGB) director engineer Leo L. Jasareno told reporters that investments reached $1.311 billion in 2013 from $812.49 million in 2012. That level represents a 61.4-percent increase, and this was attributed to additional spending for existing projects.

Initially, the government projected mining investments to reach $817.58 in 2013. That means actual spending turned out to be 60.39 percent higher than expected, based on MGB data.

Mining investments for 2013 were led by projects in various stages of development. Among those in the operating stage, Philsaga Co-O project led investments with $31.48 million and the Toledo copper project with $25 million, according to MGB data.

Only two projects in the construction and development stage brought in investments: Surigao Sumitomo HPAL project ($407.68 million) and the Siana gold project ($14.60).

Among those in the feasibility and financing stage, the Silangan copper project led the pack with $442.41 million in spending, the Mindoro nickel project ($75 million), Tampakan copper-gold project ($52 million), the Far Southeast gold project ($25.52 million) and King-king copper-gold project ($25 million).

Only the Balabag project registered spending ($2.9 million) among projects in the advanced exploration stage.

“There were no new investments. All were continuing projects,” Jasareno said.

Asked for an outlook for 2014, Jasareno said mining investments may grow slightly to more than $1.324 billion.

“That will come from continuing investments, plus one new investment. That is the Agata project in Agusan del Norte, to be operated by TVIRD,” Jasareno said.