African mining mission set

Environment Secretary Angelo Reyes will organize a mining mission of African-based firms to the Philippines to offer 24 mining projects expected to generate some $8 billion in investments in the next five years.

In a recent visit to Cape Town, South Africa, Reyes spoke with mining industry executives from 50 countries about the potential of the Philippines as the new investment site for Africa in Asia.

Reyes said the mining mission aims to attract mining companies to come and see the vast mineral resources open for foreign investments in the Philippines.

Topping the line of minerals are gold, copper and nickel, he added.

Reyes said mining potential in the Philippines is so vast that only 1.4 percent of the nine million mineral rich areas are covered with existing mining rights.

"We have identified 24 major mining projects that will require $8 billion in investment for the next five to six years, they are primarily gold copper and nickel projects," he said.

Reyes said President Arroyo has created a Cabinet level Minerals Development Council (MDC), which he chairs, to ensure the government’s full support for foreign companies seeking to invest in the mining industry.

He has named a high level action officer to shepherd priority mining projects and reduced documentary requirements for mining approval, he added.

Reyes cited geographic advantage since most of the identified mining areas are within 50 to 100 kilometers from a key port, providing lesser operating costs to mining firms.

Human resource will be an advantage for foreign companies since most of the people speak English and have strong cultural and historical links with Western, Oriental and African cultures, he added.

Filipinos are among the best diamond drillers in Australia and Mongolia and work as mining engineers in Laos and Vietnam, and as mining technical operators in Angola, Mozambique and Namibia, Reyes said. — Perseus Echeminada