Recognizing the Philippines’ viability for renewable energy sources, British bioenergy developer Bronzeoak has committed to peg additional P6 billion in investments here in the country, following a business meeting with President Arroyo in London, United Kingdom.

Press Secretary Cerge Remonde said Bronzeoak has committed to put in additional P6-billion worth of investments here, including the establishment of its second bioethanol plant.

The bioethanol plant, with sugar as its raw material, will be established in Capas, Tarlac, said Remonde.

The expansion (plan) of Bronzeoak in the Philippines to create another bioethanol plant in Tarlac has reinforced its leadership in bioethanol and renewable energy (development),” Remonde said.

Bronzeoak is also responsible for the bioenergy project in San Carlos, Negros Occidental, which is the first bioethanol project here by a British firm using “cutting- edge” technology.

Bronzeoak started its international operations, particularly in Southeast Asia in 1995 and has started the development of its bioethanol project here in the country in 2004.

Its bioethanol project in San Carlos, Negros Occidental, now operational, is the first stand-alone full-grade bioethanol distillery fed by sugarcane juice in Southeast Asia.

The British government had since been interested in investing in renewable energy and other alternative energy sources here in the Philippines due to its aggressive stance to combat climate change.

Meanwhile, British mining companies have expressed further interest in doing business in the Philippines, following a business meeting with President Arroyo in London.

Remonde said multinational mining company Rio Tinto has expressed its interest to conduct mining projects here as it recognized the Philippines’ potential in mining.

“The head of exploration of Rio Tinto has conveyed interest to mine copper, gold and nickel in the Philippines,” Remonde said in Saturday's press briefing simulcast over government-run Radyo ng Bayan.

Remonde said it is a welcome development as Rio Tinto used to have mining explorations here in 1995 but had to stop its operation due to the conflict in Mindanao.

“But now after the visit of the President, they want to (invest),” he said.

Rio Tinto’s mining projects include the extraction of aluminum, copper, diamond, individual minerals and iron ore.

Likewise, Remonde said the President met with officials of UK’s Metals Exploration PLC.

Metals Exploration PLC led by its director, Jonathan Beardsworth, has already invested P175 million in the country, said Remonde. The P175-million bond posted by the mining firm is for the expansion of its 200-hectare Runruno gold – molybdenum project in Nueva Vizcaya.

Its other projects here in the country include Masapalid and Puray projects, reports said.

Local scientists earlier disclosed the potential of extracting minerals and mineral products from the country’s near-coast and off-shore resources aside from mountainous resources. Aggregate resources like sand and gravel may also be found in offshore areas of the country, they said.

Most of the potential mining areas and deposits are in Luzon, followed by Mindanao and the Visayas, sources said.

In 2007, gross production value from the mining sector reached P97.4 billion or an estimated US$2.1 billion. Mining’s contribution to the gross domestic product (GDP) reached P81.5-billion while total exports of mineral and mineral products were placed at $2.55 billion, officials said.