Mining investments reach over $200 million in Q2
Reuters
Philippine Daily Inquirer
MANILA, Philippines — The Philippine mining sector drew over $200 million in investments in the second quarter, a senior official said Thursday, bringing the first-half figure to about a third of the government’s target for the year.
Investments reached about $300 million in the six months to June, including the $68 million registered in the first quarter, Horacio Ramos, director of the mines and geosciences bureau, told reporters.
Ramos said he was confident that investments by mining companies would reach $1.0 billion this year, higher than the initial target of $838 million, with investors expanding and preparing mine sites for next year.
“I wouldn’t say (the mining sector) is slowing down just because one mine is slowing down,” Ramos said, referring to OceanaGold’s Didipio copper and gold project, where start of production was moved to the second half of 2009 while the Australian gold miner looks for a partner.
The government is hoping its mining sector, one of the world’s biggest and most profitable in the 1970s, will attract $10 billion in investments in the next three years.
Ramos said investments had reached $1.8 billion so far since 2004 when the Supreme Court allowed foreign companies 100-percent ownership in local mining projects.
Legal uncertainties, disputes with local partners and opposition from the Catholic Church have made it difficult for foreign miners to do business in the Philippines.
The government has given financial and technical assistance agreements, which allows 100-percent foreign ownership of a mining project, to only two groups since 1995.
No Comments, Comment or Ping
Reply to “Mining investments reach over $200 million in Q2”