Chinese geologists start first RP geochem mapping

Surveyors from China are now in the Philippines to do the first in a series of geochemical mapping of copper and nickel deposits in the country. “We’ve entered into an agreement with our Chinese counterpart for the conduct of a more scientific exploration. Whatever we will yield maybe used as initial data for the exploration of mining companies," said Edwin Domingo, director of the Mines and Geosciences Bureau. Filipino geologists and engineers are now working with 12 of their Chinese counterparts for the mapping activity that will take three years to complete, according to a memorandum of agreement the MGB signed with China Geological Survey. The project would focus on what had already been identified as possible nickel and copper deposits in the Visayas and Northern Mindanao, and would start in the provinces of Surigao and Agusan. “Once we have identified areas with vast potential of mineral resource, it will be easy now to spur investments in the minerals industry," Domingo said. Nickel and copper prices are expected to surge as economies recover from the global recession, fueling demand while stockpiles are declining across the globe, according to the MGB. Nickel prices nosedived to $1.70 per pound last year, following sharp declines in the consumption of base metals. Prices started to rebound starting late last year. At present, nickel is trading at an average of $9.05 a pound. Three-month copper on the London Metal Exchange gained up to 1.1 percent to $6,550 a metric ton. It was trading at $6,540 during the Monday’s morning session in Singapore, while copper for July-delivery was trading at $2.943 a pound. China’s demand for the red metal remains strong as domestic inventories fell for six successive weeks to the lowest in nearly four months. —VS, GMANews.TV