Friday, 2nd February 2007 (4399 views)

The Philippines' economy is set to be buoyed by an increase in the amount of overseas investment arising from mining operations in the country, a government minister has declared.

Angelo Reyes, the environment and natural resources secretary for the Philippines government, told Bloomberg that 2007 can expect to see a "boom" in the mining industry of her country.

Total investment by overseas mining companies could hit $1.6 billion (£813 million) by next year, the Philippines government has predicted.

Gold, copper and nickel can all be found in the Philippines and in neighbouring Indonesia and Mr Reyes has spoken of his government's emphasis on environmentally sound practices.

He stated: "We are pushing for responsible and sustainable mining. The international community is well aware that they can only survive, endure and sustain mining operations as long as they practice sustainable mining. Environmental regulations are already in place."

According to the Manila Times, Anglo-American has allegedly decided to stump up $10 million for exploration at the Bayugo copper/gold project in Surigao del Norte.

 

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