Mining investments reached $1.4B in 2007

DENR announced investments in the Philippine mining industry reached $1.4 billion in 2007 and generated some 6,500 new jobs.

According to the DENR, as investments increase, it is expected that more than 30,000 jobs will be generated by the year 2008 to 2010.

 The investments came from exploration, mining operation and construction and development activities of some 63 mining companies from 2004 – 2007.

Of the 63 mining projects, 10 are operating, 7 are in the construction and development stage, 9 are under feasibility and financing stage, 9 in advance exploration stage, 5 under the second tier projects/undergoing funding negotiations and 23 priority exploration projects.

In Addition, the DENR said of the 63 companies, Palawan HPAL Nickel Project (Line 1) in Palawan has the biggest investments amounting to $304.59 million with additional investments (Line 2) of $230 million in 2007, followed by Carmen Copper Project in Toledo City with $169 million. (LVA-Foresight  Jan-June2008 issue)