Mining still conducive for investments – MGB

MANILA, Philippines – The Philippines remains conducive for mining investments despite the uncertainties in the sector brought about by the industry-wide audit being undertaken by the government.

Mines and Geosciences Bureau (MGB) director Mario Luis Jacinto said the Philippines still has a favorable environment for investors across all industries, including mining, as the government beefs up efforts to fight crime and corruption.

“The government will study policies to best position the country in the world minerals market, while information sharing with the industry stakeholders will be pursued at every opportunity,” Jacinto said during the Japan Oil, Gas and Metals National Corp. (JOGMEC) seminar.

Investors have expressed uncertainties after Environment Secretary Gina Lopez assumed the post and ordered the audit of all operating mines in the country which has resulted to the suspension of 10 firms and possibly another 20.

The MGB chief reiterated that miners have nothing to fear if they are practicing responsible mining.

The Department of Environment and Natural Resources and MGB are set to release the final results of their audit on Feb. 2.

“The challenge is to squarely address legitimate concerns, provide proper information to have a shared perspective of development options and patiently reason with oppositors to set aside unreasonable demands,” Jacinto said.

President Duterte is keen on having all industries contribute to the country’s development.

“The President has given orders to ensure responsible mining, adopt the best internationally accepted practices, and maximize the benefit for the people and the communities in all possible ways,” he said.

Meanwhile, the Chamber of Mines of the Philippines (COMP) welcomed Japan’s renewed interest in the sector, saying this is a good indication that the Japanese government will pursue investments in the Philippines should there be opportunities.

“Japan is also looking at helping us address abandoned mines and is keen on sharing some of its best practices in environment protection,” COMP executive vice president Nelia Halcon said.

Sumitomo Metal Mining Co. Ltd. and Coral Bay Nickel Corp.,which are involved in metals processing, are two of the largest Japanese-led investments in the country.