Australian firms cite opportunities in mining

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Two landmark policies on mining will unlock investment opportunities in the sector in the country, according to the Australia-Philippines Business Council (APBC).

The Philippines lifted a four-year-old ban on open-pit mining for copper, gold, silver and complex ores last December just months after scrapping a 9-year moratorium on new mining agreements.

“Australian companies are well placed to capitalize on these developments,” said Jose Leviste Jr., special advisor to the APBC and former chairman of OceanaGold Philippines.

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He added the areas of opportunity include mineral exploration, mining equipment supply, engineering services, specialist software and industry education and training.

“These developments are expected to usher in significant benefits to the economy including manufacturing resurgence, and (will) step up investor confidence,” the Board of Investments (BOI) said in a statement quoting APBC.

Citing the complementarity between Australia and the Philippines in mining, APBC president Rene Cabrera said the latter has vast untapped natural resources while the former is a global expert in minerals development and production underpinned by responsible mining practices.

The Philippines is the fifth most mineralized country in the world, with the third largest deposits of gold, fourth for copper, and fifth for nickel.

The country’s mineral resource assets, valued at approximately A$1.32 trillion, are largely untapped. Thirty percent of its total land area has mineral potential but less than three percent is covered by mining tenements. Irma Isip

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