Bullish on mining investments

THE mining industry continues to grow stronger with the continuous flow of investments in the mining sector, with the big players bullish about sustaining growth with a favorable investment climate under the new administration, according to a top industry leader.

Benjamin Philip G. Romualdez, president of the Chamber of Mines of the Philippines, told the Mining Philippines 2000 Conference and Exhibit at the Manila Hotel on Tuesday that “investors from China, India and the Middle East are now lining up to invest in the Philippines as their infrastructure growth will inevitably need new sources for their demand for base metals.”

Around 250 mining executives took part in the event, with the theme “Sustaining Growth in a New Era.” Through the conference, the mines chamber hopes to boost and sustain the industry’s growth.   

Romualdez said the China Mining Association has already inspected 11 Philippine mining projects worth $600 million that Chinese companies are interested to invest in. “These companies are exploring areas deemed to be rich in chromite, copper, gold, nickel, silver, manganese and magnetite sand.”

He added, “the great interest generated by our industry augurs greater developments in the era ahead.”

According to Romualdez, despite the growing concern over the sustainability of the growth in mining due to slower demand from traditional partners, the business has created new partnerships with different countries to ensure that the potential for development is not slowed by global pressures.

He said while there have been economic “hiccups” in the first six months of the year, the Mines and Geosciences Bureau reported the country’s metallic minerals production went up by 51.3 percent in the first half.

Over the span of one year alone, 20 new projects backed by the Philippine government covering a total area of 122,000 hectares across the archipelago has been up and about,” he said. “For a truly sustainable growth in a new era, this growth needs to be integrative and synergetic.”

Romualdez said the mines association is optimistic that recent developments will bring in billions of dollars in investments and sales and is holding on to President Aquino’s promise to encourage government-private cooperation in developing key industries that will help the Philippines strengthen its economic growth.

“Economic growth must be a shared experience. This is why the Philippine Chamber of Mines makes it a point to share experiences with foreign investors during road shows and our trips abroad to search for new investors,” he said. –Jonathan L. Mayuga / Correspondent, Businessmirror