Phl a predictable, consistent place for mining investment, says Paje

MANILA, Philippines - Declaring the Philippines a predictable and consistent place for mining investment, Environment and Natural Resources Secretary Ramon Paje made a rousing pitch for the country’s untapped mineral deposits before close to a thousand attendees to the 2011 Asia Mining Congress in Singapore last week.

“We are harmonizing local and national policies toward a more friendly regime for the mining industry,” Paje said in his speech before regional and global mining companies who flocked to the fourth edition of the annual congress.

“As a case in point, the Philippine government commits to purse the Tampakan project and resolve all attendant issues prior to its operations,” Paje said.

Paje was referring to the Tampakan copper-gold project in South Cotabato, touted to become one of the biggest copper mines in the world once it operates, per its projected schedule, in 2016.

“The President has mandated that we shall be a nation serious about its commitment,” Paje said, referring to the existing Financial and Technical Assistance Agreement (FTAA) for the Tampakan project.

“We are even encouraging the contractor to advance its timetable to 2013,” Paje added.

According to Paje, the future of the country’s mining industry rests on five upcoming projects: the $300-million Runruno gold-molybdenum project; the $1-billion Boyungan gold project; the $1.3-billion HPAL project; the $1.8-billion Kingking copper-gold project; and the $5.9-billion Tampakan project.

He said the Philippine government continues to bank on mineral resources development as a vehicle for economic growth.

“In terms of investments, the aggregate amount of $3.83 billion has been invested in the mining industry over the last six years and total investments are projected to be at $18 billion by 2016,” Paje said.

However, Paje also admitted that the mining industry has been the subject of intense scrutiny from all sectors of Philippine society because of what he calls as “sins of the past.”

But he gave assurance that reforms in the mining industry are already in place.

“Sustainable development principles are enshrined in the 1995 Philippine Mining Act and the law calls for responsible mining that will bring national growth and at the same time safeguards the environment and protects the rights of affected communities, including the indigenous peoples,” he said.