5 Chinese firms eye Philippine mining
21-NOV-2008 Intellasia | inquirer.net
Nov 21, 2008 - 7:00:00 AM
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Despite the global credit crunch, the Philippines attracted new and potential mining investments from China at the recently concluded China Mining Congress and Expo 2008, Environment and Natural Resources Secretary Jose Atienza said.
Five Chinese mining firms expressed interest in investing in the Philippine mining industry and in establishing partnerships or joint ventures for existing projects, Atienza said in a phone interview.
He said the Philippine delegates received many inquiries from private investors regarding possible mining investments.
"We felt that there is a continuing interest in mining, particularly from China. Of course, there will be possible hedges in terms of financing due to the economic crisis—this is after all, a reality we all have to meet," Atienza said.
In another interview, Mines and Geosciences Bureau director Horacio Ramos identified one of the Chinese firms as Xjliu Mining Corp., which he said Xjliu was interested in the King-King copper-gold project of local firm Benguet Corp.
Benguet is looking for a partner for this project in the southern Philippines. It earlier said it needed to spend as much as US$26 million to do a bankable feasibility study, which it said it aimed to finish in a year and a half.
Located in Pantukan town in the province of Compostela Valley, the 1,656-hectare King-King copper-gold project is held by Benguet under a Mineral Production Sharing Agreement with the government.
The copper and gold project is estimated to require a potential investment of at least US$482 million and potential gross sales of US$285 million annually, government documents show.
Another interested mining firm is Guolong Mining Corp., which wants to explore in the eastern region of Bicol for copper, gold and iron, Ramos said. He said Guolong was interested in an existing project of Philippine Iron Mines through a partnership.
The other interested Chinese companies were Hong Kong Sanche Resources Co., Asia Nickel Chromite Mining Corp (for nickel and chromite), and Xantai Xinhai Mining Corp., Ramos said.
Apart from the five companies, Atienza said China Metallurgical Group Corp was expected to submit a proposal within the month regarding its intent to explore for copper and gold.
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