2013 mining investments exceed projections – MGB

MANILA, Philippines – The country’s mining sector received $1.311 billion in investments in 2013, exceeding projections by the Mines and Geosciences Bureau (MGB).

Leo Jasareno, director of MGB, said that these were all continuing investments. 

MGB’s projection for 2013 was only $817.58 million. In 2012, the agency reported $812.49 million in mining investments.

For 2014, MGB is projecting a total of $1.32 billion in investments from mining firms.

The following were some mining projects that had additional investments during the operation/expansion stage last year:

• Philsaga Co-o Gold Project in Agusan del Sur – $31.48 million
• Toledo Copper Project in Cebu – $25 million
• Dipidio Copper-Gold Project in Nueva Vizcaya – $11.9 million
• Canatuan Silver-Gold/Base Metal Project in Zamboanga del Norte – $10.3 million
• Palawan-HPAL Nickel Project (Lines 1 and 2) – $9.58 million

Meanwhile, two mining projects got a total of $422.28 million in investments during the construction and development stage:

• Surigao Sumitomo HPAL Project – $407.68 million
• Siana Gold Project in Surigao del Norte – $14.6 million

The Silangan Copper Project of Philex Mining Corporation received the biggest amount of investment among those in the feasibility and financing stage, with $442.41 million. Next were the Mindoro Nickel Project of Intex Resources ($75 million), and the Tampakan Copper-Gold Project of Sagittarius Mines Inc. ($52 million).

The moratorium on the approval of new mining contracts – as per President Benigno Aquino III’s Executive Order No. 79 signed in July 2012 – is still in effect.

Mining firms await the passage of a law providing for a new revenue-sharing scheme with the government.

The MGB, however, accepts applications for mining projects which are not in the zones identified in EO 79, like tourism development areas, prime agricultural lands, and areas under the National Integrated Protected Areas System. – Rappler.com