Five-Fold Production Increase Forecast for Philippines

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Environmental and Natural Resources Secretary Lito Atienza has predicted that the production of the Philippines mining sector will increase five-fold by 2011...Gold production would double from 1.2 million to 2.7 million ounces, while silver would increase six-fold from .89 million to 5 million ounces.

Environmental and Natural Resources Secretary Lito Atienza has predicted that the production of the Philippines mining sector will increase five-fold by 2011.

In a speech to the Asian Mining Congress in Singapore, Atienza said the bulk of the projected mining investments are expected to range from 2008 and 2010 "when the bigger, world class mining investors progress to the construction and development stages." He estimated that 40 mining processing and exploration projects, along with 23 other exploration projects, have invested a total of US$1.4 billion from 2004 to 2007. Atienza added that these projects potentially offer additional investments of US$9 billion for a total value of $10.4 billion.

Philippines Department of Environment and Natural Resources forecasts show increases in the volume of mineral production this year in gold, nickel, copper, chromite, cobalt, zinc, ferro nickel and calcined nickel. "The rise in production volume will expectedly raise the production value of the minerals industry, which is seen to reach almost five times that of 2007's US$3 billion," Atienza noted.

He forecast that copper production would increase from 216,000 metric tons in 2007 to 830,000 metric tons in 2008, while chromite production would almost double from 37,000 tonnes to 63,000 tonnes during the same period. Gold production would double from 1.2 million to 2.7 million ounces, while silver would increase six-fold from .89 million to 5 million ounces, he said.

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