China-based gold company Zijin Mining says it is considering a $1bn investment in copper and gold ventures in the Philippines over the next five years.
Zijin signed a memorandum of understanding (MOU) with the Philippine’s Government to indicate its intention to invest in mining ventures in the country, writes Reuters.
Environment and mining secretary Jose Atienza said that the MOU clearly indicates Zijin’s keenness to make an investment in the country.
Zijin has initially teamed up with local mining company NiHAO Mineral Resources International.
Zijin has been seeking mineral resources acquisitions outside China and has already made investigations into several overseas projects.
The Filipino mining sector has been adversely affected by the global economic slump, with the government reducing its investment target for 2009 to slightly more than $600m, which is less than the initial target of $1bn.