Mining investors present plans to officials today

First posted 05:44am (Mla time) Sept 29, 2006
Inquirer

http://news.inq7.net/archive_article/index.php?ver=1&index=1&story_id=23782

PROSPECTIVE investors in the mining industry are to present this Friday to a panel of environment and mining officials their social and technical plans for their projects, which are required before they can be allowed to begin exploration or production, Environment and Natural Resources Secretary Angelo Reyes said.

“We want to have a clear view of the proponents’ credentials and track record, particularly their financial and technical capability to undertake responsible mining,” Reyes said in a statement. “More than that, we want to be certain that [they] put a premium on their social responsibility.”
Seventeen foreign companies have expressed interest in mining gold, copper, iron, chromites and other minerals in the country. Their presentations will serve as a basis for the government to enter into 10 mineral production sharing agreements with them and to give seven exploration permits.

Reyes said prospective investors would be required to make project presentations so the Department of Environment and Natural Resources could separate serious investors from speculators.

Four of the companies scheduled to make their presentations are MRL Gold Philippines Inc. (99.99-percent Canadian), Egerton Gold Philippines Inc. (40-percent Australian), Buena Suerte Mining Corp. (40-percent Australian) and Manila Mining Corp.-Anglo American.

The other interested companies are Colossal Mining Corp., Hard Rock Trading Inc., TMC International Corp., Itawes Mining Exploration Corp. and Norweah Metals and Minerals Inc.
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