When the Philippine mining industry opened its portals to full foreign ownership in 2004, some of the world's biggest mining firms have started to explore the estimated Php1-trillion of untapped mineral resources of the country.
As a result, the US$1-billion accumulated output has now grown to about US$2.3-billion after three years. In 2007, the output value of Philippine mineral production rose to 33% or Php95.5-billion (about US$2.3-billion) from about Php72-billion in 2006, according to Mines and Geosciences Bureau.
Gold accounted for over half of the industry share with about Php40.88-billion, while nonmetallic mineral production had garnered around Php17-billion. Other metallic elements like silver, copper, nickel, etc. accounted for the rest of the figures.
Investment interest is picking up as world metal prices have risen due to higher demand from China and the power crisis in South Africa that constrained global market supply.
Posts
No comments:
Post a Comment