19 mining projects in RP to yield $12.92B — Chamber of Mines

The Chamber of Mines of the Philippines said on Thursday that some 19 mining projects in the country will add $12.92 billion (P55.69 billion) into the local mining sector starting 2011. But an anti-mining coalition said the projections were "rosy numbers" and were simply aimed at attracting more mining investors. “These 19 projects will yield [at least] $2.13 billion annually," Benjamin Philip Romualdez, the chamber’s president, said at a forum of the European and American chambers of commerce. Some of the mining projects include those of Sagittarius Mines Inc., Benguet Corp., Intex Resources, Marcventures Mining and Development Corp., OceanaGold Corp., and Sumitomo Metal Mining of Japan, he said. In a separate interview on Friday, Alyansa Tigil Mina national coordinator Jaybee Garganera said that the chamber made this projection “to convince more mining investors to come in. These are rosy numbers." “[The chamber] is very good in spinning numbers. But the fact, really, is that mining firms have failed miserably in delivering their investment targets, revenues..." Garganera pointed out. Robust mining industry Romualdez pointed out that the mining industry will remain robust until end-2010 as production continues to increase due to high metal prices. “Metal prices will remain bullish as global demand continues to outstrip supply. The demand will come mostly from emerging economies in Asia," he said. The country’s production of metallic minerals grew to P49.83 billion in the first half of the year, 51 percent more than the production in the same period last year. In January-June period, gold production volume rose to 18,865 kilograms (P30.77 billion) from 16,875 kg (P10.91 billion) in the comparative period last year. Output of nickel increased to 5.435 million dry metric tons (P6.96 billion) from 2.984 million DMT (P2.24 billion). Silver production volume grew to 20,192 kg (P514.23 million) from 14,644 kg (P276.88 million). Copper and zinc posted an increase in production volume to 110,532 DMT (P7.38 billion) from 87,687 DMT (P4.33 billion). Chromite production volume rose to 5,882 DMT (P49.67 million) from 5,528 DMT (P49.03 million). However, zinc output fell to 8,992 DMT from 10,659 DMT although production value went up to P192.99 million from P122.3 million. — JE/OMG, GMANews.TV