In a disclosure to the Philippine Stock Exchange, Vulcan executive vice president and general manager Patrick Caoile said the company has signed a confidentiality agreement with the local branch of Phelps Dodge Exploration Corp. for the latter to review its mining data for possible joint venture in the future.
Vulcan Industrial is engaged mainly in oil and mineral exploration projects while Phelps Dodge is into exploration, copper mining and wire and cable production.
Phelps Dodge’s operating mines in Arizona and New Mexico are capable of producing more than two billion pounds of copper annually and account for about 60 percent of total US copper production
The multinational firm aggressively seeks new mining opportunities in Latin America, Asia, Australia and other regions.
Last week, Vulcan has signed a similar agreement with TVI Resources. In 2005, Vulcan also inked an agreement with Upward International Group to develop potential chromite mines locally.
Foreign companies have been taking a second look at the country’s mining industry after the Supreme Court upheld a ruling allowing foreign nationals to wholly own local mining ventures.
The government and the private sector expect $6 billion in new investments to be poured into mining projects in the country over the next six to 10 years.
So far, a total of $339.7 million worth of investments have been generated by 23 projects that have either started operations or are in the development and construction phases of work.