Chinese group dangles potential $6-B investment in mining, agri

MANILA, Philippines - A Chinese group is dangling a possible $6-billion investment in the country, particularly in the areas of mining and agriculture, its representatives said.

Hong Kong-based China Trend Investments Ltd., represented by Chan Wai Keung, Garic Chung, Gan Hongzi, Charlie Chen and Thomas Ng, said they are trying to set up a meeting with President Aquino to discuss their investment plans.

“We see an initial investment of $6 billion for infrastructure and other development projects, including employment of Filipinos,” Chung said.

He explained that their investment preference for the Philippines is mainly on account of its proximity to mainland China.

The group has recently visited the provinces of Aurora, Cagayan and Ilocos.

The China Trend team is also discussing a possible joint venture with Vulcan Industrial & Mining Corp. and Vulcan Materials Corp.

The Chinese firm is offering its “technical and financial expertise to explore, design, construct, mine and operate various mineral concerns.”

Vulcan Industrial’s mining claims include the Marian gold mines in Cordon, Isabela; Dinapique gold project in Isabela; Luz copper project in Sipalay, Negros Occidental; Manlupo copper project in Damutan, Negros Occidental; Panaon gold prospect in Pintuyan, Southern Leyte, and Davao gold and copper project in Manay and Taragona.

Vulcan Materials’ mining claims meanwhile, include Subic Gabbro project in Zambales; Palawan silica sand in Roxas and San Vicente; Morong concrete aggregates in Bataan; Batangas concrete aggregates; Bolinao cement/limestone project in Pangasinan and Comet Dinagat project.

Identified claims to third-parties include Nueva Ecija project in Gapan and Penaranda; Davao gold project in Manay and the Taragona and Malimono offshore gold project.

Patrick Caoile, president of Vulcan Materials Corp., confirmed that “there are ongoing negotiations between Vulcan and China Trend, and we have presented our projects they can possibly venture into.”

Vulcan Materials was the recipient of the Philippine Mine Safety and Environment Association’s “Safest Quarry Operations” in 1996 and 2004 during the Annual National Mine Safety and Environment Conference (ANMSEC).