9 billion in mining investments expected to enter RP by 2011

The government expects some $9 billion in mining investments to enter the country between now and 2011, in addition to the $1.4 billion in mining projects already on stream.This was revealed by Press Secretary Ignacio R. Bunye in his weekly column, View from the Palace, which comes out tomorrow."During the last three years, the DENR (Department of Environment and Natural Resources) reported 40 mining processing and exploration projects, together with 23 other exploration projects,” Bunye said."These have generated investments totaling US$1.4 billion and we see potential additional investments of another US $9 billion by 2011 generated by these projects alone," he said.The expected investments “are expected to come in between 2008 and 2010 when these projects progress to the construction and development stages.”“So our mining industry has the potential to grow by as much as five times to US $10 billion by 2011," Bunye said, adding that “this will support our bid to become a mining country defined by the World Bank, with exports from the minerals industry expected to grow to 6.5 percent of our country’s exports by 2011.”Bunye pointed out, however, that while the President is “focused in achieving significant growth in the mining sector,” she is also “very concerned about how development is done.”“It has created a lot of controversy in the past, and it is in the best interest of the mining companies to work closely with our civil society organizations and local government representatives to make sure investments work for the community, not just the company,” Bunye stressed.“Regardless of what some might say, the fact is that mining continues to be a key driver of our economy and an important sector that is creating jobs for the people and spurring exports,” he said.Since the Supreme Court’s 2005 ruling that opened up the mining sector to foreign investors, “some of the world’s biggest players in the mining sector, including Xstra, Anglo-American, and BHP Billiton, are active players in our mining sector.”Bunye cited how mining has transformed several towns in the Philippine countryside, particularly the mining mini-boom taking place in Surigao del Sur’s Carrascal town which local officials say has created close to 3,000 new jobs in the nickel mining operations in the province.“Officials estimate the number (of new jobs) to double within the next two years,” he added