Mining

Several “junior” miners have assured the Department of Environment and Natural Resources (DENR) Mines and Geosciences Bureau (MGB) that they are proceeding with their mineral exploration activities even in the face of a global economic slowdown.

JOB losses have claimed its first casualty in the Philippine mining industry, with a Canadian-led venture announcing layoffs in its Mindanao operation.

The Department of Environment and Natural Resources (DENR) will scale down its mineral investment target in view of the global economic slowdown.

LOCAL mining executives said the global credit crunch has constrained funding for projects.

Financing for mining projects in the country will likely be more scarce this year as investors and lenders tighten up on credit and capital buildup due to the global economic downturn, the International Finance Corp. said.

Benguet Corp. has suspended all activities in its Kingking copper-gold project in Pantukan, Compostela Valley.

BHP Billiton Ltd., the world’s biggest mining firm, has assured Philippine mining authorities that it is not pulling out its operations in the country.

Mineral investments for 2009 are estimated to reach $800 million to $1 billion, Mines and Geosciences Bureau (MGB) Director Horacio Ramos said yesterday.

The Department of Environment and Natural Resources (DENR) is set to review and revise its mineral investment targets in the face of the global economic slowdown.

The country’s mining investment targets for 2010 and onwards may have to be revised as a number of mining firms have put on hold their various projects.

Concerned about the continued threats against the environment, the Catholic Bishops’ Conference of the Philippines (CBCP) yesterday issued a pastoral letter reiterating its appeal for a moratorium on mining activities and called for a multisectoral cooperation against illegal logging.