Chinese miners Zijin Mining Group and Nihao Mineral Resources International will invest $1bn in gold and copper exploration in the Philippines.

The companies have already signed a memorandum of understanding with the Philippines Environment Secretary Joselito Atienza, according to Trading Markets.

The $1bn investment, spread across five years, will be used for exploration of potential gold and copper areas in the country.

Nihao specialises in exploration, development and operation of metallic and non-metallic mineral properties, while Zijin is involved in exploration and development of gold and base metals.