MANILA, Philippines - The local mining industry is expected to generate $18 billion worth of foreign investments by year 2016, Chamber of Mines president Philip Romualdez said yesterday.
“We were able to attract $1 billion of investments in last year alone. We are looking at another $1 billion this year. By the year 2016, we hope that figures should have gone from $4 billion in 2004 to $18 billion in 2016,” Romualdez said at the weekly Diamond Hotel media forum.
Romualdez said many of the mining projects have already “matured,” meaning companies are done with feasibility studies and have already received environmental compliance certificates (ECCs) from local communities.
“We’re looking for $14 billion starting this year to 2016,” he said.
Romualdez, who was part of President Aquino’s business delegation to China, said some mining companies in the country were able to seal new investments with Chinese firms during the President’s state visit to China.
“This year we saw more investments coming from China involving nickel mining,” he said.
According to him, Jinchuan Group Ltd. has signed agreements with Tranzen Group Inc. of Salvador Zamora II and Macroasia of Lucio Tan.
He said Jinchuan also signed a $1.5- billion contract with Philnico Mining and Industrial Corp. for the Nonoc mines in Surigao.
Oriental Peninsula Resources Group has also signed an agreement with a Chinese firm which supplies automotive parts. The Chinese firm, he said, will invest on hydropower, coal and nickel shipment in Palawan.
Eramen Minerals Inc., which operates in Zambales, will also embark on a nickel exploration project with a Chinese company, Romualdez said.
“There were 15 mining companies in the delegation. Many of them have discussions (with Chinese firms) that will eventually lead to agreements in the coming weeks or months following that visit of the President,” Romualdez said.