US mining firm may invest $5 billion in RP

MANILA, Philippines - The US-based Freeport-McMoRan Copper & Gold Inc. is willing to invest more than $5 billion in the Philippines if it can find a mine that could yield a minimum of five million ounces of gold.

Freeport-McMoRan vice president David Potter and other officials of the company recently paid a courtesy call to Environment and Natural Secretary Horacio C. Ramos to express their interest in making such an investment.

Mines and Geosciences Bureau director Edwin Domingo said, Freeport-McMoRan said they are willing to invest more than $5 billion in the Philippines if they are able to find and secure a potential mine in the $5-billion investment planned by the Australian Xstrata Group for its Tampakan Copper-Gold project.

Domingo said Freeport-McMoran, is eyeing the Batong Buhay gold mine in Kalinga and areas attached to it.

Ramos said the interest in the Philippines being shown by foreign mining firms stems from their positive perception of the DENR’s recent policy decisions.

Aside from Freeport-McMoRan, Domingo said, the Brazilian Vale Group is expanding its mining operations in the country – which includes the takeover of the Gambang porphyry copper project of Royalco Philippines Inc . and exploration of a new site in Iloilo for which the MGB is set to approve a new exploration permit.

The DENR is optimistic that it will achieve a $1.4-billion investment target this year for the mining industry.

Additional investments are expected from other firms such as Filminera Resources Corp., Metals Exploration, Philsaga Mining Corp. and Philex Mining Corp.