Mining beckons, Gloria tells Chinese traders
By Joyce Pangco Pañares , Manila Standard -
http://www.manilastandardtoday.com/?page=politics04_june06_2006
4th June 2006
PresidenT Gloria Macapagal Arroyo has urged Chinese businessmen to take
position in the local mining sector and benefit from its resurgence.
Speaking before a 300-strong Chinese delegation led by Chinese Minister
of Commerce Bo Xilai, Mrs. Arroyo said the local mining industry is
booming. “The Philippines is well poised as far as mining is concerned. We have a $1 trillion mineral wealth and the Philippines is one of the world’s top five source countries for deposits of copper, gold, iron and nickel.” The President spoke at the closing ceremony of the two-day
Philippines-China Economic Forum held at the Manila Hotel yesterday, with 200 company executives from the biggest companies in China among the audience.
One of the companies is Jin Chuan Shanghai Non-Ferrous Metals Corp., a
major investor in the $1 billion rehabilitation and reopening of the Nonoc Nickel Mines in Surigao.
Mrs. Arroyo’s statement came as an assurance to multinational mining
firms that the government remains committed to the full implementation of the 1995 Mining Law.
For his part, Presidential Spokesman Ignacio Bunye said Mrs. Arroyo
will not seek the revision of the mining law, which allows foreign mining companies to operate on a large scale. (more…)
