Foreign miners to participate in Mindanao mining summit

DAVAO CITY, Philippines — Big investors have shown interest in partnering with local counterparts for mining exploration in Mindanao as shown by the number of foreign company officials wanting to join the mining summit there next month. Arcel B. dela Cruz, senior research specialist of the regional office of the Department of Environment and Natural Resources, said about 100 officials of foreign mining companies have asked that they be allowed to join the summit so they would know the potentials of Mindanao mining areas. "They are very interested in possible business matching with local companies," Ms. Dela Cruz said in an interview, adding that the interest of foreign companies to join the event has prompted its organizers to postpone it to next month to accommodate them. Dela Cruz, however, did not identify the foreign mining experts and their companies. "One of the items of the program is the discussion on the minerals that can be found in Mindanao. This has generated a lot of interest," she said. Originally scheduled to be held this week, organizers have moved the two-day event to September 18-19. The event was first scheduled in Mati City, Davao Oriental, but was transferred here due to possible problem on accommodation. Ednar G. Dayanghirang, Mindanao Business Council executive director, said: "It is high time for Mindanao to develop its mining potentials and the summit is one venue where we can attract investors to consider our mining areas." Both industry executives and government officials have complained over the failure of the industry to take off in recent years despite aggressive promotion. Among the problems, said Edgar D. Martinez of the Mindanao Association for the Mining Industry, was the failure of the government to efficiently process applications of mining companies. The same problem was also cited by Edilberto L. Arreza, regional director of the Mines and Geosciences Bureau. Both said that because some mining companies found it hard to secure permits — the fastest being two years upon filing the application — some have lost interest in developing their sites. This prompted Mr. Martinez to suggest to the government to set up a clearing house, with the Mindanao Development Council running it, to fast track the processing of mining applications. Another problem, said Mr. Arreza, was the attitude of some companies to just speculate while looking for a bigger investor. This led other companies that are capable to develop and area to shy away. Among those to be featured in the mining summit is the Diwalwal mining project in Monkayo, Compostela Valley. The project is under the control of the government-run Philippine Mining Development Corp. - BusinessWorld