http://www.mb.com.ph/BSNS2006071969590.html
By MELODY M. AGUIBA

The government is targetting investment of $ 122 million by yearend on top of a $ 500 million previously infused in its 24 priority projects signalling avid enthusiasm over improved policies that complement its rich natural resource.

The Mines and Geosciences Bureau-Department of Environment and Natural Resources (MGB-DENR) recorded a total of $ 47.91 million fresh investment that just came in from January to May this year which is close to half its target for January to June.

With the expected investments coming in as scheduled, government believes the 2006 yearend target is achievable.

Besides, investors have intensified interest in the local mining scene after Environment Secretary Angelo T. Reyes’ decision to allow the test run of the Rapu Rapu project after nine months of closure since the cyanide spill in October last year.

“We’re meeting our expectations. There are no reasons why investments won’t come in. Investors like the government’s decision on Rapu Rapu, although they wish it would have been earlier,” said MGB Mineral Economics Chief Benjamin de Vera.

New capital came from the Palawan Nickel, $ 22.71 million; Rapu Rapu, $ 6.45 million; Teresa Gold, $ 1.98 million; Canatuan Silver-Gold, $ 2.53 million; Sto, Tomas II Copper, $ 930,000; Adlay-Cagdianao-Tandawa, $ 203,000; Didipio Copper-Gold, $ 1.66 million; Akle Cement, $ 134,000; Carmen Copper, $ 210,000; Masbate Gold, $ 628,000; Far Southeast Gold, $ 106,000; Itogon Gold, $ 60,000; Siana Gold, $ 55,000; Colet CopperGold, $ 930,000; Tampakan Copper, $ 8 million; Boyongan Copper, $ 640,000, and Diwalwal, $ 180,000.

Several developments have been reported by the top projects including Palawan nickel’s scheduled construction (perhaps by the last quarter of the year) of its expansion program (to double capacity to 20,000 tons of nickel by 2009) and Filminera Resources’ scheduled construction of its Masbate mine by the first quarter of next year.

Lepanto also updated on its negotiations with Anglo American Exploration, Zijin Mining of China and Indian Aluminum Co. as potential partners for its Far South East Gold project and on its full loan payment to Ivanhoe of Canada.

Itogon Gold is embarking on a reforestation and maintenance of tailings dam while Kingking is updating is complying with the requirements to convert its mining permit into a Financial and Technical Assistance Agreement (FTAA). An FTAA allows for a 100 percent foreign ownership of its Compostela Valley copper-gold project.

Siana Gold has been set to complete its bankable feasibility study (FS) this June while Colet’s bankable FS is set to be submitted by December this year.

Government is currently reviewing the renewal of exploration permit of the Boyongan copper project by Silangan Mindanao as Philex and Anglo American pursues a target of 500 million tons of copper resource.

Other company reports include Hallmark nickel’s completion of drilling of 528 holes at 9,158 meters as it has three laterite depots in Catmonan, Magum, Tumagdo in Pujada nickel project.
For the government mining projects, the Natural Resources Mining and Development Corp.’s (NRMDC) Batong Buhay copper-gold in Pasil, Kalinga and the Amacan copper project in Maco, Compostela Valley have received the legal rights over their properties transferred by the Privatization and Management office (PMO).

NRMDC is set to bid out before the end of the year the projects for possible outsourcing of their exploration and development to investors.

A total of 5,675 were employed by the projects since 2004.

First 10 companies from priority projects that employed the most since 2004 were Palawan Nickel, 888 persons since 2004; Rapu Rapu, 923; Teresa Gold, 503; Canatuan, 764; Sto. Tomas, 178; Adlay-Cagdianao, 20; Didipio, 269; Akle, 38; Carmen, 267; and Masbate, 100.