The Chamber of Mines of the Philippines said Tuesday it remains committed to work with the government in raising the standards of all operating large-scale mines.
CoMP president Benjamin Philip Romualdez, in a speech during the 2016 Mining Philippines International Conference and Mine Exhibition held in Marriott Hotel in Paranaque City, said the industry was optimistic it would overcome the challenges it was facing.
“The tremendous challenges notwithstanding, the mining industry remains committed to work with this administration. We view the president’s appointment of a trusted friend and ally as DENR Undersecretary with charge over the MGB and EMB as a recognition of the mining industry’s tremendous impacts and its potential to contribute greatly to the country’s economy,” Romualdez said.
Data from the government showed that mining investments reached $924.94 million in 2016.
Earlier, CoMP said that the mining industry would infuse about $20 billion to $30 billion into the economy over the next five to 10 years with the inclusion of several new projects.
CoMP said investments this year were expected to reach $2.25 billion on new projects. Expected to be operational this year are those of Asiaticus Mining Corp. in Davao Oriental and Global Ferronickel Holdings Inc. in Palawan.
CoMP said mining investments next year would reach $6 billion due to the start of operations of Philex Mining Corp.’s Silangan project in Surigao del Norte, Nadecor’s Kingking project in Davao del Norte and the Balabag Gold-Silver project of TVI Resource Development Philippines Inc.
Projects that are expected to operate in 2018 are the Tampakan mine development of Sagitarius Mines in South Cotobato, Intex Resources in Mindoro, the Masbate gold project of Philsaga Mining Corp., the nickel mine of San Miguel Corp. through Philnico in Surigao del Sur and the Balatoc mines of Benguet Corp. Investments from these companies are expected to reach $14.75 billion.
CoMP said the sole project expected in 2019 was that of Far South East Gold of Lepanto Mining Corp. in Benguet, which is expected to cost about $2 billion.
Romualdez, however, said the “Philippine mining industry is at a crossroads.”
“After enjoying the highs of the commodities supercycle from 2005 to early 2012, mining stocks, and the industry in general, have since taken a nosedive, exploring new depths, not just in the stock market, but in commodities prices as well,” Romualdez said.
Senator Cynthia Villar said in the ssme forum processing facilities should be put up in order to generate more local employment for the country.
“What I want to see happening is the creation or development of more domestic processing facilities to generate more local employment, similar to what is being planned in Indonesia,” Villar said.