Mining projects to bring in $23B in investments
AT LEAST 11 mining projects that are expected to have started operation by 2019 could usher in investments worth a total of at least $23 billion (about P1 trillion) in the next five to 10 years, if no untoward change befalls government policy on the industry.
The Chamber of Mines of the Philippines (COMP) yesterday said most of these projects were in Mindanao, while the rest were spread between Northern and Southern Luzon.
Data from the COMP show that within this year, the $2-billion nickel project of Asiaticus Management Corp. in Davao Oriental could go online as is the $250-million nickel project of Global Ferronickel Holdings Inc. in Palawan.
Lined up for 2017 is the Philex group’s Silangan project in Surigao del Norte, Nationwide Development Corp.’s King-king project in Davao del Norte, and TVI Resource Development Philippines Inc.’s Balabag project in Zamboanga del Sur—all gold mines and worth $2 billion each.
In 2018, five projects are scheduled to start production. These include the P5.9-billion Tampakan copper-gold project of Sagittarius Mines Inc. in South Cotabato.
The other four are Intex Resources Philippines Inc.’s $2-billion nickel project in central Mindoro; Philsaga Mining Corp.’s $2-billion gold project in Masbate; Philnico Industrial Corp.’s $2-billion nickel project in Surigao del Sur; and Benguet Corp.’s $350-million project in Balatoc, Benguet.
In 2019, the only project expected to start operation is the $2-billion Far South East gold project of Lepanto Mining Corp. in Benguet.
According to the COMP, investment inflows from these projects also include an additional $18 billion in exploration expenditures.
The group said the 11 project represent increased production that could result in additional export receipts of $2 billion yearly.
“(They also represent) employment generation of more than three million jobs in three to five years time, and more in indirect and induced employment,” the chamber said.
Newly appointed Environment Secretary Regina “Gina” Lopez said last Wednesday that President Duterte had told her to declare a moratorium on all new mining activities.
Lopez also said existing mines had to get their act together. Why should more mines be allowed when there was not even “one good performing mine site,” she said.
Yesterday, the COMP in a statement congratulated Duterte who took his oath as President.
“Building a strong country does not rest on one man alone,” the COMP said. “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.”
