Wednesday, August 02, 2006
'Mining to jumpstart Mindanao economy, reduce poverty'
KORONADAL CITY -- Paul Dominguez, president and chief executive officer of Sagittarius Mines Inc., recently said that minerals development, when done responsibly and conscientiously, will revitalize the Mindanao economy and ultimately benefit the island's poor communities.
"With the projected investments that mining will generate, local residents' quality of life will generally improve in terms of jobs and livelihood opportunities," Dominguez said before the 7th Mindanao Area Conference of the Provincial Board Members League of the Philippines.
Indicators from the Mindanao Economic Development Council reveal that Mindanao's economic performance nose-dived to -6.38 percent and -5.31 percent during the droughts of 1984 and 1997.
"This heavy dependence on agriculture can be corrected with a determined focus on responsible mining," Dominguez said.
Potential mining investments for the country can reach US$4 billion, a financial outlay that dwarfs the total assets of the agribusiness industry estimated at US$1 billion over the last two decades, he continued.
Business and community leaders must "come forth and appreciate responsible mining's strategic importance to Mindanao's growth," Dominguez pointed out.
The untapped resources of Sagittarius alone are valued at US$23 billion, and are believed to be among the largest undeveloped copper-gold deposits in the world.
Over and above improved economic performance, Dominguez said that responsible minerals development will address Mindanao's perennial poverty decisively.
The Mines and Geosciences Bureau estimates that at least 240,000 jobs can be generated by mineral development projects over the next six years.
Sagittarius holds a Financial and Technical Assistance Agreement with the government for 2,87.9 sq. km. in South Cotabato, Sultan Kudarat, and Davao del Sur.
Its copper and gold venture straddles the towns of Tampakan in South Cotabato, Columbio in Sultan Kudarat and Kiblawan in Davao del Sur.
Although still in its pre-feasibility stage, SMI has been pursuing an active community development program, focusing on health, education, and the environment, says Butch Sebua, SMI Senior Environmental Officer. (Press release)
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(July 31, 2006 issue)
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