Mines Bureau: Govt eyes higher investment target in mining

Pledges by China investors could help the Philippine government raise its investment target in the mining sector by more than twice this year, said the Mines and Geosciences Bureau (MGB) chief Tuesday. Investments could reach $2.8 billion from the original $1.4-billion target if the commitments from China “are turned into real investments," said MGB director Leo Jasareno in an interview with reporters at the sidelines of the Mining Philippines 2011 Conference and Exhibition in Pasay City. “We have not taken into account probably investments from the Chinese when we did our projection for 2011 last year," Jasareno explained. Chinese investors are interested to explore nickel, iron, and manganese mining based on the daily queries the MGB receives from Chinese miners, said the MGB chief. Jasareno cited the courtesy calls of Chinese investors make to the Environment and Natural Resources secretary almost on a daily basis, exploring business prospects. “In fact there were two companies that visited the office of the secretary just the other day asking for suggestions as to where they could put their money," he said. The MGB said it has reached 40 percent of the investment target for 2011. With fingers crossed, the agency expects big-ticket projects coming in by the fourth quarter, increasing the chances of reaching its self-imposed investment target. In 2010, the government fell short of its $1.2 billion goal, with total investments reaching only $900 million. — PE/VS, GMA News