The Philippines remains a very lucrative area for foreign investors who would invest in the mining sector, with 30 percent of 30 million hectares of land covering the whole archipelago rich in metallic deposits. The Department of Environment and Natural Resources (DENR) has also identified 24 mineral development sites that can bring in US$6.5 billion worth of investments in the near future.

DENR Secretary Angelo T. Reyes made these disclosures to 36 foreign investors who heard his welcome address at the opening of the Indaba in the Philippines Mining Conference held at the Shangri-La Plaza Hotel in Makati City on September 12. The investors had come from Australia, Britain, the United States, South Africa, Tanzania, Mali and Ghana.

Reyes said local mining companies are prepared to tie up with their counterparts abroad to tap the rich mineral deposits in the country. He said the Philippines is naturally endowed with metallic mineral resources like copper, gold, silver, nickel and chromite, and to some extent molybdenum, manganese, iron and led.

A DENR geological study, he said, has confirmed the existence of metallic deposits in 30 per cent of the country's land area. "Our offshore areas have equally high mineral potential as study also showed the presence of polymetallic minerals, such as gold, iron and manganese, in these areas," Reyes said

Reyes identified the 23 mineral development projects that are expected to bring an estimated US$6.5 billion worth of investments into the country. These are: Palawan Nickel Project in Bataraza, Palawan; Rapu-Rapu Polytmetallic Project in RapuRapu, Albay; Teresa Gold Project in Mankayan, Benguet; Canatuan Silver-Gold Project in Zamboanga del Norte; Sto. Tomas II Copper Expansion Project in Tuba, Benguet; Adlay Cagdianao-Tandawa (ACT) Project in Adlay, Surigao del Sur and Claver, Surigao del Norte; Didipio Copper-Gold Project in Kasibu, Nueva Viscaya and Cabaruquis; Quirino.

Akle Cement Project in San Ildefonso, Bulacan; Carmen Copper Project in Toledo City, Cebu; Masbate Gold Project in Aroroy, Masbate; King King Copper-Gold Project in Pantukan, Compostela Valley; Nonoc Nickel Project in Surigao del Norte; Far-Southeast Gold Project in Mankayan Benguet; Itogan Gold Project in Itogon, Benguet; Siana Gold Project in Tubod, Surigao del Norte; Colet Copper Gold Project in Sipalay, Negros Occidental; Tampakan Copper Project in South Cotabato, Davao del Sur and North Cotabato.

Boyongan Copper Project in Surigao del Norte; Direct State Development Project in Mt. Diwalwal, Compostela Valley; Hallmark Nickel Project (Pujada) in Governor Generoso and Mati, Davao Oriental; Mindoro Nickel Project in Victoria, Mindoro Oriental; Batong Buhay Copper-Gold Project in Pasil, Kalinga; and Amacan Copper-Gold Project in Mabini, Compostela Valley.

The Shangri-la meeting was aimed at making an assessment of the actual and physical condition of the country's mining industry and to elicit the interest of the foreign investors.

The holding of the event was in response to Reyes’ invitation to them, when he attended the famous Indaba International conference six months ago in Cape Town in South Africa, to check out the mining opportunities in the Philippines. (DENR Public Affairs Office)

September 19, 2006