Mines Bureau expects P10B in mining taxes, fees, royalties

The Mines and Geosciences Bureau (MGB) on Wednesday reported that the national government would earn at least P10 billion in taxes, fees, and royalties from mining operations this year, from P9.18 in 2009. "This goes to show that mining in the country is still alive regardless of a couple of unfortunate incidents that alarmed investors in the country," MGB director Edwin Domingo said. Domingo pointed out that Philippine mining operations might generate some 200,000 jobs in 2010. About 166,000 jobs were generated by the sector last year because of new mining operations and the extension of ongoing exploration projects. Currently, there are 22 priority exploration projects with seven in advanced exploration stages. Mineral production for this year might gross $2.95 billion because of the entry of Carmen Copper Corp. and the expanded operations of Philsaga Mining Corp. and TVI Resource Development Philippines Inc. In 2009, the value of mineral production reached $2.23 billion. The bureau expected mineral exports to reach $2.98 billion this year, from $2.72 billion in 2009. These projections were made based on the Medium-Term Philippine Development Plan and the average growth rate of the country for the next three years. Cumulative investments in the mining sector totaled $2.78 billion since 2004 with potential investments expected to reach as much as $13.48 billion by 2013. The bulk of projected investments may start between 2011 and 2013 when the Tampakan Copper Project moves on to its construction and development phase. —JE, GMANews.TV