THE Department of Environment and Natural Resources (DENR) eyes a dramatic increase in mining investments in the next three years as local and foreign companies continue to support the government’s mining-revitalization program.

Atienza made the bold prediction Thursday during the Asia Mining Congress in Singapore, confident that the country’s mining industry will sustain its growth, even seeing its output increasing to $10 billion in 2010.

The DENR chief, who led the country’s delegation to the Asia Mining Congress, said this could be attributed to fresh investments made by local and foreign mining companies after the Supreme Court upheld the constitutionality of the Philippine Mining Act of 1995, which allows foreign mining firms to explore the country’s mineral resources.

The DENR chief expects to bring in fresh mining investments into the Philippines after the Asia Mining Congress. 

According to Atienza, the bulk of the projected investments is expected to come between 2008 and 2010 when the bigger, world-class mining investors’ investments progress to the construction and development stages.

The DENR chief noted that a total of 40 minerals-processing and -exploration projects, together with 23 other exploration projects, contributed a total of $1.4-billion investment in the Philippines from 2004 to 2007. Another $9 billion in investment up to 2011, for a total of $10.4 billion, is expected to come in, Atienza said.

Atienza disclosed that the DENR’s projection was also based on the dramatic increase in the volume of mineral production beginning this year in almost all subsectors: gold, nickel, copper, chromite, cobalt, zinc, ferronickel and calcined nickel.  The projections cover the priority projects and were based on their submitted production schedules.

“The rise in production volume will expectedly raise the production value of the minerals industry, which is seen to reach over $10 billion, almost five times that of 2007’s $3 billion,” Atienza said.

At such level, Atienza said the Philippine minerals industry’s contribution to Philippine exports will be in the vicinity of 6.5 percent, enough for the Philippines to be classified as a “mining country” based on World Bank standards.

Copper production is expected to rise four times from 216,000 dry metric tons (DMT) in 2007 to 830,000 DMT in 2008, while chromite would almost double from 37,000 DMT to 63,000 DMT for the same period.

Atienza said gold production would increase twice from 1.2 million ounces to 2.7 million ounces, while silver will shoot up six times from .89 million ounces to 5 million ounces.

Meanwhile, direct nickel-ore productions is expected to slow down by about 20 percent, but nickel-concentrate production will improve by almost 10 times, with additional nickel-processing plants from the pipeline coming in.

Atienza said by 2011, the government expects to have cobalt and zinc production of 4,500 MT and 20,000 MT, respectively. Ferronickel production is projected at 40,000 MT, while calcined nickel ore are around 300,000 MT.

However, the DENR chief said the figures may vary according to plans of the mining companies.

Of the 63 priority projects, 10 are already in the production stage, namely, Palawan Nickel Projet of Coral Bay/Sumitomo; Rapu-Rapu Polymetallic Project of Lafayette Mining; Canatuan Silver-Gold Project of TVI Philippines; Sto. Tomas II Copper Expansion Project of Philex Mining Corp.; Teresa Gold Project of Lepanto Mining Consolidated Co.; Berong Nickel Project of Atlas Mining and Toledo Mining; Msara Gold Project of Apex Mines; CTP and PGMC Nickel Projects of Surigao Integrated Resources Corp.; and Pasar Refinery Expansion.

 Eight more projects are expected to go on stream within the year and early 2009.  These are Carmen (Toledo) Copper Project; Didipio Copper-Gold Project; Palawan HPAL Nickel Project (Line 2); Canatuan Base Metal Project; Filminera Masbate Gold Project; Iligan Ferronickel Smelter Plant; Manticao Ferronickel Smelter Plant; and Phisaga Gold Project.

Since the government launched its revitalization program for the minerals program in 2003, it has generated more than $1.4 billion in mining investments from its priority projects and improved metallic output in terms of volume and value owing to the rise of new mines.

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THE Department of Environment and Natural Resources (DENR) eyes a dramatic increase in mining investments in the next three years as local and foreign companies continue to support the government’s mining-revitalization program.

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