MANILA, Philippines - Investments in the mining sector grew 61.4 percent, exceeding the target last year on continued capital expenditures of existing mining projects as well as potential big ticket projects that are still in the pre-development stage.
Investments in the mining sector totaled $1.311 billion last year from $812.5 million in 2012. The target for 2013 was $817.58 million.
“These are all continuing investments, no new investments were made last year,†said Mines and Geosciences Bureau (MGB) Leo Jasareno.
This year, miners are expected to invest a total of $1.324 billion in the local extractive industry.
Mining investments last year went to the Palawan HPAL Project of Coral Bay Nickel Corp., a joint venture of Japanese firms Sumitomo Metal Mining Co., Mitsui & Co., Sojitz Corp. and Filipino firm Rio Tuba Nickel Mining Corp.
Other recipients were the Canatuan silver-gold project of TVI Resource Development Philippines. (TVIRD), the Teresa Gold Project of Lepanto Consolidated Mining, nickel projects of Surigao Integrated Resources Co. in Surigao del Norte, Philsaga Co-o Gold Project of Philsaga Mining Corp., Toledo Copper Project of Atlas Mining and
Development Corp., and the Didipio copper-gold project of Oceanagold Corp.
Investments in the pre-development work for projects that are in the feasibility stage also continue to pour in. Expenditure continues in the proposed Tampakan copper-gold project of Sagittarius Mines, Inc., the Silangan Copper Project of Philex Mining Corp., Far Southeast Gold Project of Lepanto, King-King copper-gold project of St. Augustine
Copper and Gold Ltd., and the Agata copper-gold-nickel project of TVIRD.
The moratorium on the granting of new mining contracts remains until a law providing for a new revenue sharing scheme between the government and mining companies is passed.