The government remains bullish on the prospects of the mining industry, which it expects to generate as much as $10 billion in mineral sales by 2011.
The projected sales revenue translates to 58.9-percent average annual growth from 2004 to 2011, data from the Bureau of Mines and Geosciences showed.
According to the MGB, mineral sales are expected to reach $3.62 billion this year; $4.51 billion in 2009, and $5.379 billion in 2010. Last year, mineral sales hit $3.078 billion.
Sales are seen jumping to $10 billion in 2011 as the government expects strong production performance from new and existing mineral development projects.
Of the estimated $10-billion sales revenue, copper (concentrate) is expected to account for about $4.2 billion resulting from the sale of 557,723 dry metric tons (DMT).
Gold is projected to contribute $2.417 billion from the sale of 2.76 million ounces, followed by copper cathodes with $2.31 billion from the sale of 299,315 DMT, government data showed.
Nickel in concentrate is expected to generate $356 million (100,000 DMT); ferronickel, $239 million (46,802 tons); nickel ore, $169 million (4.4 million wet metric tons); cobalt in concentrate, $140 million (4,550 DMT); zinc, $61 million (19,694 DMT); silver, $60.7 million (5.25 million ounces); calcined nickel ore, $46.7 million (288,000 tons); and chromite, $4.17 million (62,530 DMT).
The MGB said the sales target would be realized if most of its priority mineral development projects would come on stream within the next few years.
For 2008, the government said the potential increase in mineral output was expected to come from projects that were in the construction and development stage.
These included Carmen Copper Corp.'s Toledo copper project in Cebu; OceanaGold's Didipio copper-gold project in Nueva Vizcaya, and Pasar copper smelter expansion project.
Earlier, Environment and Natural Resources Secretary Lito Atienza said the Philippines could expect some $892 million in new investments in the mining sector this year, up from last year's $605.09 million.
About $750 million of which would be for "first-tier" mineral development projects—those in the construction and development, feasibility and financing and advanced exploration stages.
The Toledo copper project is expected to invest some $95 million this year; Didipio copper-gold project, $64 million; Coral Bay's Palawan Nickel expansion project, $75 million; and Filminera Resources Corp.'s Masbate gold project, $58 million.
Another $21 million is expected to be invested in expansion projects, consisting of $19 million for expansion of copper smelter Philippine Associated Smelting and Refining Corp. and $2 million for the Berong Nickel project in Palawan.
While the Philippines has an estimated $1 trillion worth of untapped gold, copper and nickel resources, only 2 percent of about 9 million hectares of land, identified as having rich mineral deposits, have been explored and covered by mining permits.
Source: Philippine Daily Inquirer
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