Mining investments to hit $1.6B

Some $1.6 billion in investments will be poured in by existing local mines  next year, Mines and Geosciences Bureau (MGB) director Horacio C. Ramos said yesterday.

The projected amount is more than triple the $400 million to $500 million that will be invested this year, Ramos said.

Ramos said the upcoming investments include those that are about ready to start their operation. These include Atlas Consolidated Mining and Development Corporation, Oceana Gold Ltd., and Filminera Resources.

According to Ramos, Atlas, has brought in some $18 million worth of heavy equipment and is scheduled to start production in about a year.

Filminera, has gotten approval for its mineral processing permit and only needs approval for its feasibility study, Ramos said, adding that he has assured Filminera that the MGB would fast-track the approval of the FS upon its submission.

He said, Filminera could start operations within the year as it has also invested about P120 million for its start-up.

Ramos predicted that next year would be the start of a mining boom in the country as several mining firms would concretize their investments.

Local mining executives acknowledge that the Philippines is experiencing a positive phase in its development with the government now pushing the mining sector as an investment opportunity from its previous stance of just tolerance.

Global mineral prices, Ramos said, continue to hold steady, assuring reasonable returns for mining investors.