More investments seen flowing to RP's mining sector

Article posted November 06, 2008 - 07:47 PM MANILA, Philippines

Investments in the Philippine mining industry are seen reaching $565.5 million dollars this semester, the Mining and Geosciences Bureau (MGB) said on Thursday.

Mining and Geosciences chief Horacio Ramos said investments would pour in to finance 40 active mining projects nationwide, including those headed by major mining firms like Atlas Mining Corp., Cagdianao Mining Corp., Coral Bay Nickel Corp., Hinatuan Mining Corp., Xtrata, and Filminera Corp.

The MGB estimates total mining investments in the Philippines to reach 825.5 million this year, 24.3 percent higher the $664 million investments booked in 2007.

The Arroyo administration has been promoting the country as a prime mining location. Government anticipates investments to hit the $12.6 billion mark by 2013.

The private sector, on the other hand, presents a better projection at $15 billion over the next five years. - GMANews.TV

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