DTI lures Japanese businessmen to invest in RP mining industry

The Department of Trade and Industry (DTI) has joined the sales pitch to attract more Japanese firms to invest in mining projects in the Philippines.

In a recently-held mining conference in Tokyo, Philippine officials led by DTI Secretary Juan B. Santos, Amb. Delia Domingo Albert (the concurrent Presidential Adviser on Mineral Development) and Chamber of Mines in the Philippines president Benjamin Philip G. Romualdez, gave a presentation to major Japanese mining firms on mineral prospects available for foreign participation.

"Japanese firms have been traditional partners in the Philippine mining industry," said Santos, adding that several mining companies expressed their renewed interest to invest in the Philippine mining industry.

"By touching base with their leaders we aim to persuade them to expand their exposure in the many opportunities that their firms can derive from our resources through joint exploration and development," Santos said.

In Tokyo, Santos met with officials of the Japan Oil, Gas and Metals National Corp. (JOGMEC), Sumitomo Metal Mining (SMM) Co. Ltd., Pan Pacific Copper, Mitsubishi Corp. and Sojitz Corp.

He explained that the meeting with JOGMEC officials is a "strategic move aimed at increasing the promotion of Philippine mining opportunities to various Japanese firms since the organization is a government support and think tank body in the acquisition of raw materials."

Santos updated JOGMEC officials on the current state of the Philippine mining industry and the various opportunities in copper, nickel and gold prospects.

Japan imports all of its crude oil, natural gas, non-ferrous metals and minerals.

JOGMEC was established by the Japanese government to maintain a stable supply of natural resources and energy to Japan through various activities involving oil, natural gas, non-ferrous metals and minerals.

Santos also met with SMM general manager Ichiro Abe and Coral Bay Nickel Mining Corp. president Takanori Fujimora and discussed the present operations of the firm in Palawan and its future plans in the country.

The Palawan project being handled by SMM through the Coral Bay Nickel Corp. consists of the construction and operation of the plant which will provide nickel/cobalt mixed sulfide from low-grade ore and limonite by adopting the HPAL (high pressure acid leach) new technology.

Meanwhile, Sumitomo plans to increase its nickel mining exposure in the country, intending to either to expand its Rio Tuba operations or look for another site.

Santos also met with Pan Pacific Copper Co. Ltd. president Takeshi Kurushima and general manager Keiichi Goto to brief them on the mining sites rich in copper.

Pan Pacific Copper officials informed Santos that they are looking for mines in the Philippines that can extract copper that meets their standards in terms of volume and quality.

The Pan Pacific officials assured Santos that they can finance the project and buy its products. They could even do limited exploration activities.

Pan Pacific Copper had recently lent $15 million to Philex Mining for the operation of the Padcal mines and to buy 90 percent of its 70,000-metric ton output.

Santos then met with officials of Sojitz Corp. who expressed their desire to operate their own copper mining site in the country. Sojitz is one of the major shareholders of Coral Bay Nickel Corp. and Rio Tuba Nickel Corp. project in Palawan.

Santos said the targeted start of Philippine copper mines in the short and medium-term would fill the demand for copper raw materials.

Currently, Japanese copper smelters rely mainly on Chile and Peru for their raw materials.