Sojitz Group of Japan is planning to invest directly invest in the mining sector through here through long term sourcing of copper concentrates here and eventually investing in an existing copper mine.
Trade and Industry Undersecretary and Board of Investments managing head Elmer C. Hernandez , who met with top executives of the Japanese firm during a Japan mission, told reporters this would be the first time that Sojitz would be investing directly in the country.
Hernandez said that Sojitz’s investments in the mining sector in the country are normally done mostly with other Japanese investors.
“The long term goal is to put up an equity on a copper mine project but it has yet to be identified,” he said.
At present, Sojitz has an 18 percent stake in the Coral Bay Nickel Corp. in Surigao del Norte. It has also a 1.5 percent stake in the Taganito Mining Corp., another nickel mine and 4 percent of Rio Tuba Nickel Mining Corp. These projects are spearheaded by the Zamora Group.
Sojitz also owns a natural resources (nickel chrome) machinery, food chemicals and plastics as well as investments in power plants in Mindanao.
Other than its mining exposure, Sojitz has 100 percent ownership in AFC Fertilizer and Chemicals Corp. and 49 percent in Mitsubishi Motors Corp.
Hernandez said that the rest of his Japan mission involved a meeting with the Japanese Ministery of Economy and Japan Oil, Gas and Metal National.
Other meetings were held with Japanese business leaders including mining, automotive and software sectors to discuss possible tie-ups in the country.