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Philippines set to host first new foreign-owned mine in
more than 3 decades when Australia's Lafayette Mining (LAF.AU) starts operating
Rapu Rapu project in coming days. Philippines hopes $43 million mine project to
serve as tangible example to global mining community in order to attract more
foreign investors to tap its mineral reserves, which viewed as world class, but
which has suffered from legacy of cronyism during 2-decade long Marcos
presidency. President Arroyo hopes to set things right, especially after
Supreme Court ruling in December allowing foreign investors to control local
mining projects. (MRM)


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