Chinese firms to invest $14bn in Filipino mining sector

8 September 2011 (Last Updated September 8th, 2011 18:30)

The Philippine mining sector will receive an investment of $14bn from Chinese firms for mining activities in the next five years. Philippines Chamber of Mines president Philip Romualdez said that the agreements made with China will increase the mining investments in the county, due to ma

The Philippine mining sector will receive an investment of $14bn from Chinese firms for mining activities in the next five years.

Philippines Chamber of Mines president Philip Romualdez said that the agreements made with China will increase the mining investments in the county, due to maturation of a number of mining projects from exploration through the early and final feasibility stages.

The Chinese firms that have signed agreements with Philippines include Jinchuan Group, Oriental Peninsula Resources Group and Eramen Minerals, reports Philippine Daily Inquirer.

Jinchuang Group has made agreements with local mining firms Tranzen Group and Macro Asia, and has committed to an investment of $1.5bn in the Nonoc, Surigao, mining project with Philnico Industrial.

Oriental Peninsula Resources has secured investments for three projects involving hydropower, coal and nickel off-take with Yun Feng.

Eramen Minerals has signed agreements for projects in Palawan and Zambales, and will involve nickel off-take and nickel processing in Zambales.