Mining investments to rise more than four-fold to $18B
September 19th, 2011
Filed under: General News
THE Philippines said it expects mining investments to rise more than four-fold to $18 billion in five years as global commodity prices soared.
A new mining law allowed foreign investments in 2005, and high metal prices were drawing even more investor interest, Environment and Natural Resources Secretary Ramon Paje said.
“In terms of investments, the aggregate amount of $3.835 billion has been invested in the sector over the last six years. Total investments are projected to reach $18 billion by 2016,” he told a mining conference.
Mining output had already spiked 31 percent year-on-year in the six months to June to 63.92 billion pesos ($1.48 billion).
Leave a Reply
Please note that your comments will be subject to moderation by the PMEA Blog Administrator.