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Monday, August 21, 2006
Aussie mining ventures in Mindanao needs $2B
AUSTRALIA'S mining companies will need at least US$2 billion more for their business ventures in Mindanao, an Australian official said.
Australian Ambassador Anthony John Hely noted that the island's full economic potentials could be harnessed with the development of the area's hidden mineral resources.
Two of the biggest Australian projects in Mindanao will require an investment of US$1 billion each to be fully put into operation, he said.
These are BHP Billiton/QNI Pujada Nickel Project in Davao Oriental and Indophil Resources NL's copper and gold project in Tampakan, South Cotabato.
"I understand that Mindanao has around 70% of the nation's mineral wealth. According to Philippine government estimates, the country is endowed with the fifth richest mineral resources in the world, but most of this mineral wealth (some US$840 billion) remains hidden in the ground," he said.
Hely said there are about a dozen Australian companies currently working on mining projects in the country, most of them in Mindanao.
Indophil holds significant share at the Sagittarius Mines Inc., which is exploring the copper and gold deposits in the towns of Tampakan, Columbio in Sultan Kudarat and Kiblawan in Davao del Sur.
Sagittarius earlier said the project would need investments of a little over US$600 million for equipment and facilities for full blast operations.
In his recent visit to the Tampakan project, Hely said the impact of the two projects on the economy of southern and central Mindanao "will be huge as it will require a new power station, port, roads and other major infrastructure projects" to support the mining ventures.
Sagittarius, which is currently on the end stages of its pre-feasibility study, is eyeing to go full blast in 2010.
The Tampakan project is covered by a Financial and Technical Assistance Agreement with the Philippine government involving a 27,945-hectare area straddling the three provinces.
The area is believed to hold one of the largest undeveloped copper-gold deposits in the world.
For Bisaya stories from General Santos.Click here. (This section is updated every Monday)
(August 21, 2006 issue)
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