Existing Mining Investments Projects in the Philippines
Reuters reported that mining groups from Brazil to Australia are combing the Philippines for copper, nickel and gold but patience is required to see a return on investment. Disagreement over contracts, communist rebel attacks, financial difficulties and local opposition have stalled some existing mining projects in the Philippines but with metal prices still high, overseas and local investors remain attracted to its resources.
Mr Ramos said that China’s CITIC Resources was interested in the Nonoc nickel mine in the south and Japanese companies, conscious of Chinese competition, were also on the prowl.
There are over 30 foreign companies with investments in the Philippines mining sector, including Brazil’s Vale. Most of the projects are still at the exploration or feasibility stage and it will be years before production starts. More Detail.