Benjamin Philip Romualdez, president of the Chamber of Mines of the Philippines, told reporters that such upbeat mode has encouraged them to finally hold in May this year the international mining conference, which it postponed last year due to unfavorable situation, to complement the bullish market sentiment.

According to Romualdez, the industry’s exports have been growing at 10-15 percent per annum in the past few years.

"The $ 1.2-billion exports level last year will double in three years time and double again in five years as more of the projects come on stream," Romualdez said.

In 2005, mining exports reached $ 820 million representing 2.10 percent share of the country’s total exports.

"What is important is that the momentum for sustained growth be maintained," he said.

He noted that good and copper prices have remained very strong while nickel prices are very high.

He allayed fears though that the strong peso would affect the industry’s export performance because most mining projects are still in their construction stages and the expenses are all in the U.S. dollars. The impact would be felt only when these projects are already on stream because of labor cost and other local purchases, he said.

Of the $ 500 million projected fresh investments inflow this year, Romualdez said that the investments of three firms are sure to come in this year.

Atlas Consolidated Mining and Development Corp’s unit Carmen Copper Corp. has already secured $ 100 million financing from Deutsche Bank.

Oceania Gold Ltd. of New Zealand and ClimaxArimco of Australia have merged to construct the mine facilities for the Didipio copper-gold project in Nueva Ecija at a cost of $ 100 million.

The Japanese-owned Sumitomo Corp. is putting in $ 100 million for its Coral Bay Nickel Corp. refinery project for its twophased $ 210 million mining project in Palawan.

"All these are going to come in this year," Romualdez said.

Other smaller investments would come from Xstrata Plc., which has exercised its option to acquire a 62.5 percent controlling stake in the Tampakan copper-gold mine project in southern Philippines from its current owner Indophil Resources. Xstrata is expected to invest million for this project.

Philmenera Resource Corp. is also investing for its Masbate gold project.

Aside from the confirmed fresh investments, Romualdez said that one of the world’s largest mining company has offered to develop a huge mining project in the country which has an investment requirement of $ 1billion.

Romualdez, however, refused to identify the foreign mining firm and the mining project.

He also noted that the world’s top major mining companies are already doing business in the country including multinational firm BHP Billiton, Anglo American (British-Australian), Brazil’s Compania Vale de Rio Doce (CVRD), American-owned Phelps Dodge now the largest copper mining firm in the world after a buy-in, among others.

Meanwhile, Romualdez said the postponed International Mining Conference and Exhibition will finally push through in May this year.

The mining event, which is hosted by the Chamber of Mines, was scheduled for August 24 last year but was postponed as the industry felt there were too much policy issues the government had to sort out if it really wants to welcome mining investments into the country.

This time, however, the situation has changed as he noted of some favorable action from the government.

"There are some changes in the process in the bureaucracy, some streamlining," he said.

He also cited the government’s clearer position now as Environment and Natural Resources Secretary Angelo Reyes reiterated his support to what is beneficial to all stakeholders in the industry.

"After Reyes reiterated the policy of President Arroyo, more companies came up with statements on their mining investments," he said.

"So it is conducive to hold the international mining conference because this is also a good follow up to the successful ASEAN Summit in Cebu," he said.(BCM)