Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (31007)	1/11/2009 5:59:37 PM
From: LoneClone	Read Replies (1) \| Respond to of 193686

Philippines targets USD 1 billion mining investment in 2009 steelguru.com Reuters reported that Philippines is hoping to attract up to USD 1 billion in investments into its mining sector in 2009 after missing that same target in 2008. Mr Horacio Ramos, head of the mines and geosciences bureau said that we are looking at probably USD 800 million to USD 1 billion and that is a reasonable one. He added that mining investments last year totaled around USD 630 million, about the same as 2007, as some mining companies, struggling to get credit amid the global financial gloom, opted to shelve their projects. OceanaGold of Australia earlier said last month that it was putting on hold its Didipio gold and copper project in the northern Nueva Vizcaya province due to funding difficulties. Mr Ramos added that junior mining companies are having a hard time raising funds for their projects while big names such as Xstrata and BHP Billiton that have projects in the Philippines, should do better. Mr Ramos also said that he is still hopeful that investments into the mining sector would reach between USD 10 billion and USD 13 billion by 2013. It may be mentioned that legal uncertainties, disputes with local partners, communist insurgencies and opposition from the Catholic Church have stunted the flow of investments into Philippine mining.