MANILA, Philippines- The Philippine government is looking at P26.8 billion in revenue from mining in 2009 alone, a recent study by the Mines and Geosciences Bureau showed.
In a speech before the joint forum of the Philippine Stock Exchange and the Chamber of Mines on Friday, director Horacio Ramos of the Mines and Geosciences Bureau said that the government is prioritizing seven projects which are projected to produce a total of $670 million in minerals in 2009 or some P26.8 billion.
He noted that the amount would be enough to comprise some 6 percent of the Philippines' total export revenues, enough to be considered a major mining country World Bank definitions.
The projects Ramos cited are: the Carmen (Toledo) Copper Project, Didipipio Copper Gold Project, Palawan HPAL Nickel Project Line 2, Filminera Masbate Gold Project, Iligan Ferronickel Smelter Plant, Manticao Ferronickel Smelter Plant, and the PhilSaga Gold Project.
The MGB also said that from 2004, when mining was revived in the country, until 2011, the estimated total investments of mining companies would amount to $10.47 billion.
For this year, some $892 million will be invested, and for next year some $1.84 billion.
For 2010, there will be $4.14 billion in investments and in 2011, $2.21 billion.