The Chamber of Mines disclosed Wednesday that billions of pesos in fresh capital from three foreign-owned mines are coming into the country.
Benjamin Philip Romualdez, president of the Chamber of Mines of the Philippines, said that the companies who expressed interest are expected to add nearly P4 billion ($72 million) in fresh capital in the Philippines. This is on top of the $339.7-million fresh capital that entered the country from 2004 until the first half of 2005.
Interested companies include the Australian firms Lafayette Philippines Inc. ($50 million in additional investment) and Royalco ($12 million) and Norwegian-British Crew Gold Corp. ($10 million). Romualdez said Lafayette’s investment will go to a second mining claim in Northern Luzon. Lafayette has invested some $39 million for its gold processing operation in Rapu-Rapu, Albay.
Royalco will pour in money to buy the Philippine mining claims of Oxiana Corp., a mining firm that has development mines in Laos. British Crew will start the first phase of its takeover of Apex Mining Co. The company purchased 72 percent of Apex for a total consideration of $6.6 million. Apex is a listed firm that owns the Masara Gold Mine in Compostela Valley.
These investments are on top of the P19-billion fresh capital that came from 23 new and expanded mining projects that came since last year until June 2005.
Romualdez said that about $18.55 million of the total investments were poured in during first six months of 2005.He added that 5,000 new direct employees were hired by these mining projects. About 2,200 new jobs were generated in the first semester of the year.
The Philippines is expecting $6 billion in mining investments in the next three years.
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