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Monday, June 25, 2007

News: Mining industry to earn $2B this year, $10B a year by 2012

East Coast Mineral Resources Co. Inc. to be operated by Cagdianao Mining Corp., one for nickel, cobalt, chromite and iron development in Loreto, Dinagat Island, and another project involving the same minerals in Libjo, Dinagat Island.

Moves like those lately done by DENR are intended to persuade the Filipinos to invest in mining and awaken it from its decade-long slump. Industry players, especially the Chamber of Mines of the Philippines (CMP), have consistently reaffirmed its partnership with the government. Romualdez had once said that “mining done right can give the Philippine economy a much-needed boost, while providing the Filipino people tangible benefits through job generation and the trickle down effect of mining-related activities, like the construction of roads, schools and health centers at mining communities.” Read more...

2 comments :

REX MALBACIAS said...

I spent considerable years in tunneling industry and I know personally few people who want to invest in the Philippines (Mining). Most of my friends in Asia and Australia are engaged in mining industry.

Some of them actually went to the Philippines few months back to have a look of a mining site to be financed by them BUT when they came back to Australia they told me......RED TAPE AND CORRUPTION IS RAMPANT, THERE IS NO TRANSACTION BY THEM WITHOUT MONEY SPENT JUST TO PLEASE THE LOCAL OFFICIALS AND OTHER AUTHORITIES.... they are worried that the money they are going to pour will vanish...WHAT A SHAME... I am still a Filipino and I feel ashamed since I was the one who told them to try in my HOME COUNTRY.

Anonymous said...

That is what we get from being spanish colony for 333 years. Walay spanish colony na ni uminto, mexico, argentina... maayo nalang ang puerto rico kay americano ang naka kuha.. pero mao lang ghapon. Ato na ng culture. Country/community last while self/family first and God somewhere in the middle.