Foreign Offshore Mining Firms Looking to Invest in the PH

President Duterte’s issuance of Executive Order (EO) 130, which officially lifted the 9-year ban on new mining projects, has peaked the interests of offshore mining companies from Switzerland, Australia, Japan, and other countries to invest in the Philippines.

According to the Offshore Mining Chamber of the Philippines (OMCP), they have been receiving numerous expressions of interest from globally-known players in offshore mining looking to explore the country’s opportunities.

Following this, local mining firms have urged the government to only give its approval to companies with enough technical expertise and capital to conduct proper exploration. The OMCP has, likewise, echoed similar sentiments to the government.

Among the interested mining companies are  Austria’s Primetals Technologies and Spain’s Duro Felguera, SA. Various Japanese companies are also looking to invest including Nakanishi Shipbuilding, Kurimoto Iron Works, Kansai Design Company, and JTrade Company.

The Mines and Geosciences Bureau (MGB) of the Department of Environment and Natural Resources (DENR) should also begin delisting inactive mine tenement claims, suggested OMCP Chairman Gary Olivar.

“Land banking can occur offshore as well as onshore, and must be curbed in the greater interest of spurring this new industry to contribute to the country’s recovery,” explained Olivar.

Source: Manila Bulletin