The Philippine Government has approved 13 new mining contracts as part of its $13bn mining investment goals for 2010.
The government expects mineral production for 2010 to touch $2.95bn while the value of exported minerals is expected to reach $2.8bn, 5.4 % higher than last year.
The Mines and Geosciences Bureau approved three mining contracts in January and ten mining contracts in February, according to GMANews.TV.
The miners are looking at producing various minerals such as nickel, silica, chromite, magnetite, limestone, gold, copper, zinc and silver.
Some of the miners awarded contracts this year include Mina Tierra Gracia, San Dominico Minerals and Industrial Corp, Ora Eat Mining, South Davao Development and North Dinagat Mineral Resources.
Sumitomo Metal’s high-pressure acid leaching project in Surigao del Norte is considered a major investment, where the miner will invest $800m in a $2.25bn nickel processing plant this year.
Data released by the Bureau shows that investments in the mining industry fell short of an already downscaled $650m 2009 full-year target by nearly half.