Mines bureau eyes $122M in new investments this year

The Mines and Geosciences Bureau (MGB) is targeting mining investments of about $122 million for 2006.

"So far, about $47.91 million has been added to actual investments for the year bringing the total to $494.57 million since 2005. If we are to include the $80-million Didipio copper-gold project, we will be able to achieve our target for the year," said MGB Director Horacio Ramos.

The Department of Environment and Natural Resources (DENR) just recently approved the feasibility study on the Didipio Copper-Gold project in Nueva Vizcaya-Quirino provinces where construction is scheduled to begin before the end of the year.

Potential investments from 24 priority mining projects are seen to hit $6.41 billion within the next five years.

Of these priority projects, 20 have plunked in actual investments.

These are Palawan nickel project, Rapu-Rapu polymetallic project, Teresa gold project, Canatuan silver-gold project, Sto. Tomas II copper expansion project, Adlay-Cagdianao-Tandawa project, Didipio copper-gold project, Masbate gold project, King-King copper-gold project, Akle cement project, Carmen copper project, Nonoc nickel project, Far-Southeast gold project, Itogon gold project, Siana gold project, Colet copper gold project, Tampakan copper project, Direct State Development project, and the Hallmark nickel project.

The remaining four projects – Mindoro nickel project, San Antonio copper project, Batang Buhay copper-gold project and Amacan copper-gold project – are expected to begin this year.

In a previous interview, DENR Secretary Angelo Reyes said investments can hit $8 billion if investments of small-scale mining companies are included.

This year, minerals production will come from gold, copper and nickel mining projects.

"The DENR will continue to focus on the rehabilitation of abandoned mines, promote more investments in mining and embark on activities that will mitigate, if not avoid, adverse impacts of natural calamities associated with geo-hazards by conducting geo-hazard mapping in 1,3000 municipalities that are hosts to mining activities," said Reyes.

Studies show that about nine million hectares of mining sites across the country have high potential for mineral deposits or about 30 percent of the country’s land area of 30 million hectares.

For the year, the DENR will assess two mining sites – that of the Basay Mining Corp. in Negros and of the Consolidated Mines and Surigao del Norte.

It will also focus on the rehabilitation of the Bagacay Mines in Western Samar.

The MGB will also conduct geo-hazard mapping in 314 municipalities and will update 122 topography-based maps.

Ramos said that despite the recent resurgence of anti-mining activities due to the Lafayette mining spill, investors continue to take interest in going full steam with exploration and minerals production because of the steady rise in world metal prices.