Reyes sees RP mining rebound

First posted 03:59am (Mla time) Sept 19, 2006
By Norman Bordadora
Inquirer

http://news.inq7.net/archive_article/index.php?ver=1&index=1&story_id=21784

Editor's Note: Published on Page A17 of the September 19, 2006 issue of the Philippine Daily Inquirer

THE Philippines is on the way to regaining its stature as one of the top 10 global producers of copper, gold, chromium and nickel, Environment Secretary Angelo Reyes said following the holding of an international mining conference in the country last week.

Reyes made the assessment after the four-day Indaba in the Philippines Mining Conference, which was attended by potential investors who are already operating in mine-rich African states.

“The Philippine government is revitalizing mining not purely for the expected economic benefits but also with due and equal regard for the environment and the communities,” Reyes said.

He invited officials from mining countries to attend the Indaba conference here.

“Come to the Philippines to take a ‘hard look’ at the Philippine mining industry and its prospects,” Reyes said. The country’s untapped mineral resources have been estimated to be worth $1 trillion, he said.

Aside from getting extensive briefings on the laws and regulations governing mining in the Philippines, the participants were informed about tax and other business incentives available to mining investors.

The delegates visited mining locations in the country, such as the copper project in Tampakan in South Cotabato.

Some of them appeared impressed by the country’s mining potential, as well as by the concern over social responsibility displayed by some local mining corporations.

Some of the participants manifested their desire to return to the Philippines.

“We’re comfortable with risks in the Philippines. We’re happy we came here as early as we did or in two years, properties will be very expensive. We anticipate we’re going to be in the forefront of a world-class development in the Philippines,” said Albert Brantley, chief development officer of Oceana Gold Ltd (OGL).

Terry Burgess, Anglo Base Metals (ABM) business development head, said the Philippines had just emerged on top of the world’s most attractive mining investment venues.

“The Philippines is on everybody’s list of countries to look at. There’s still uncertainty about the implementation of mining laws, but there are few countries without risks. There are a lot of countries with great prospects despite risks associated with them,” Burgess said.

ABM is affiliated with Anglo Gold Ashanti and Anglo American, which has a joint venture agreement with Philex’s Boyongan copper-gold discovery and operates in the United Kingdom, Europe, South Africa, and South America.

OGL is set to infuse fresh investments into the $125-million Didipio copper mining project in Quirino, Nueva Vizcaya through a merger with Climax Mining.