Declaring the Philippines as a predictable and consistent place for mining investment, Department of Environment and Natural Resources (DENR) Secretary Ramon J.P. Paje made a rousing pitch for the country’s untapped minerals deposits before close to a thousand attendees of the 2011 Asia Mining Congress held in Singapore last week.
“We are harmonizing local and national policies toward a more friendly regime for the mining industry,” Paje said in his speech before regional and global mining company representatives and executives participating in the 4th edition of this annual congress.
“As a case in point, the Philippine government commits to pursue the Tampakan project and resolve all attendant issues prior to its operations,” he said.
Paje was referring to the Tampakan Copper-Gold Projec, situated in South Cotabato, which is touted to become one of the biggest copper mines in the world come 2016 when commercial operations are expected to begin.
“The President has mandated that we shall be a nation serious about its commitments,” Paje said, referring to the existing Financial and Technical Assistance Agreement (FTAA) for the Tampakan project.
“We are even encouraging the contractor to advance its timetable to 2013,” he said.
According to the DENR secretary, the future of the country’s mining industry rests on five critical projects: the $300 million Runruno Gold-Molybdenum Project; the $1 billion Boyungan Gold Project; the $1.3 billion HPAL Project; the $1.8 billion Kingking Copper-Gold Project; and the $5.9 billion Tampakan Project. He also said that the Philippine government continues to bank on mineral resources development as a vehicle for economic growth.
“In terms of investments, the aggregate amount of $3.83 billion has been invested in the mining industry over the last six years and total investments are projected to be at $18 billion by 2016,” he revealed.
However, he also admitted that the mining industry has been the subject of intense scrutiny from all sectors of society because of what he calls the “sins of the past.”
But he gave assurance that reforms in the mining industry are already in place.
“Sustainable development principles are enshrined in the 1995 Philippine Mining Act and the law calls for responsible mining that will bring national growth and at the same time safeguards the environment and protects the rights of affected communities, including the indigenous peoples,” he said.
