Documents showed these projects include three big-ticket mining projects with $1 billion investments each.
These are Boyongan Copper project in Surigao del Norte, Mindoro Nickel project in Mindoro Oriental and the Pujada Nickel Project in Davao Oriental.
The other two mining projects are Nonoc Nickel project in Surigao del Norte with potential investment of $800 million and the Far-Southeast Gold project in Marokayan, Benguet with estimated investments of $500 million.
Boyongan Copper project is owned by Philex Gold Philippines Inc., Philex Mining Corp., Anglo-American Philippines and Anglo-American Plc of the United Kingdom. It involves 3,011 hectares in Surigao del Norte and Agusan del Norte. It is already in the advanced drilling exploration and pre-feasibility and is set to commence commercial operations in 2010.
Mindoro Nickel project is by Crew Development Corp., a joint venture between Shapa and Alagag Mining and Crew Minerals AS Norway. 9,720 hectares and will start commercial operations by 2010.
Far-Southeast gold project of Lepanto Consolidated Mining Co., Far Southeast Gold Resources Inc, is looking for foreign partner and is set to start commercial operation by 2009.
On the other hand, the Nonoc nickel project of Pacific Nickel, Eastern Peninsula Capital Resources, New Manila Properties Inc., and Jinchuan Non Ferrous Corp. of China with estimated investments of $800 million involving 25,000 hectares in Nonoc Island in Surigao del Norte. Negotiation with potential Chinese investors is set to start commercial operation in 2009.
Pajuda nickel is by BHP-Billiton and Queensland Nickel Inc. worth $1 billion. 11,799 hectares in Mati, Davao Oriental. It is under exploration and is set to start commercial operation in 2009. (BCM)
For this year alone, the BOI has estimated $121 million investments in the mining sector to come in.
The strong interest in mining came after the Supreme Court decision in December last year upholding the constitutionality of the Philippine Mining Act, which allows 100 percent foreign ownership of companies engaged in large-scale exploration development and utilization of mineral resources. (BCM)
The ruling was seen to pave the way for the local minerals industry to be fully developed as a major contributor to the national economy.
In fact, the Chamber of Mines has already identified 37 new exploration projects, which may require between $10 to $15 million investments each or about $500 million total cost for full exploration development activities.
Chamber of Mines president Benjamin Philip Romualdez said the new exploration projects were presented to junior mining companies at the recent roadshow in Toronto, Canada.
An exploration expedition could last up to five years but the investments will pour in the first three years of the exploration period.
Romualdez further said the 37 new exploration projects scattered all over the country may contain copper, nickel and gold are on top of the 23 mining projects the Chamber have showcased during its roadshow in China.
The 23 mining projects if pursued are expected to generate between $6 billion to $7.5 billion worth of investments.
Corollary to attracting investments into the country, Romualdez said the industry and the government are ensuring that only the best practices in mining exploration and exploitation are applied in the country.
"We are ensuring that the community where a mining project is located has its own sustainable livelihood when we leave the area," he said.
By implementing the world’s best practices, Romualdez said the mining industry players are bent to ensure they are "bribing the government with billion dollars of investments."
"If we do it right, then there is no need to bribe anybody," he said.
Romualdez also signed cooperation agreements with the Prospectors and Developers Association of Canada (PDAC) and the Mining and Metallurgical Society of America.
The agreements with the two internationally recognized institutions will give the Philippines access to best mining practices in exploration and mining operations as well as the latest technological developments in mining environmental practices and measures to enhance social acceptability.
PDAC’s Environmental Excellence in Exploration, otherwise known as E3 which provides guidance to the highest levels of environmental care and community engagement during mineral exploration, will help the Chamber of Mines in policing its ranks as exploration activities in the country increase in number.
