Investors see opportunity in mining sector

By Jonathan L. Mayuga

Correspondent

http://www.businessmirror.com.ph/02272007/economy01.html

FOREIGN investors are keen on investing in the Philippines, noting the business opportunities offered by the country’s mining industry. Environment and Natural Resources Secretary Angelo Reyes said a delegation from Chinese Taipei during the recent meeting of the Asia-Pacific Economic Cooperation (Apec) in Perth, Australia, showed interest in making the Philippines a source of sand and gravel, while BHP-Billiton discussed the possibility of establishing a nickel-processing plant in the future. Officials of Xstrata Ltd., who recently increased their stake in the $2-billion Tampakan Copper Project in South Cotabato, also conducted talks with the DENR secretary. In his meetings with fellow officials of the 21-member Apec, Reyes said foreign investors would certainly be encouraged to invest in the Philippines because of a deep and wide talent pool, better infrastructure and government support. Citing the case of the mining industry, Reyes said the Philippines, like other countries in the Apec, believes that a “responsible, well-developed minerals industry can catalyze economic development and community empowerment.’’ The Apec economies account for more than 70 percent of the global production of copper, lead, tin, zinc and coal. At the same time, the Apec economies are also the major consumers of minerals and mineral products. This year’s 3rd Meeting of the Apec Ministers Responsible for Mining (MRM3) held February 12 and 13 was hosted by Australia, a major mineral producer and exporter. The Apec also includes the United States, Japan, China, Korea and Chinese Taipei. The ministers agreed that the capacity of Apec economies to capitalize on future growth in the global markets is “inextricably linked to their capacity to develop their mineral resources in an economically, environmentally and socially sustainable manner.” Among the other issues discussed during the regional meeting were those related to global supply and demand of mineral products, effective governance, sustainable development implementation, and future cooperation among member-countries. Aside from Reyes, the Philippine delegation was composed of Philip Romualdez, Paul Dominguez, lawyer Roderick Salazar and Nelia Halcon from the Chamber of Mines of the Philippines; and Edwin Domingo, Leo Jasareno and Michael Cabalda of the DENR’s Mines and Geosciences Bureau